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Thyssenkrupp-Kone Merger Could Trigger Litigation

By  |  February 12, 2020

Switzerland’s Schindler will embark on an all-out legal antitrust offensive if Thyssenkrupp selects Finland’s Kone as the buyer of its elevator division, board member Alfred Schindler told Reuters.

His comments came a day after the deadline for binding bids for Thyssenkrupp Elevator, which Finland’s Kone and three private equity consortia are looking to buy in a deal sources say could be worth up to €17 billion (US$18.6 billion).

A combination of Kone and Thyssenkrupp Elevator would create the world’s largest lift maker, leapfrogging the market leader Otis, which is owned by United Technologies’, and Schindler, currently in second place globally.

“We would probably file lawsuits in Europe, the United States, Canada, China and possibly Australia. These cases would take at least three to four years,” Schindler, who currently serves as the Swiss company’s chairman emeritus, said.

He said he would expect other rivals to take legal action in the event of a sale to Kone: “You can safely assume that neither Otis nor Schindler will simply accept being driven out.”

Full Content: Reuters

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