Let’s bump the Kone discussion back up. According to yesterday’s news, Mitsubishi + Fujitsu are the latest to enter the bidding as buyers competing for the potential divestments of Kone and TKE’s European operations. And Schindler, of course, also remains strongly interested in the aforementioned assets. So there seems to be plenty of competition for the potential European divestment targets, which is fundamentally a good thing for Kone. Most recently, there has been talk of a deal worth up to 5 billion specifically involving Mitsubishi + Fujitsu. According to Kone, the €700M synergies target is still firmly held! Behind the scenes, hard work is ongoing around the clock to get the final deal done despite the competition authorities. Decisions from the DOJ in the United States are expected perhaps during the early part of next year. According to analysts, some divestments will likely be expected there as well in order to cross the finish line on the final TKE deal. Competition authorities in several other countries have also “activated” regarding the potential transaction and are investigating and looking into the matter. More information is expected after Kone’s Q3 earnings release, possibly already during November.
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