Kone: to withdraw from ThyssenKrupp discussions
(CercleFinance.com) - Finnish lift maker Kone said late on Monday that it has decided to withdraw from discussions with thyssenkrupp to acquire the German industrial group's elevator business.
While Kone said that it still believes that a combination would have been "strategically compelling," any deal would need to be with terms and conditions that are "in the best interest of its shareholders, employees and customers," it added.
Kone said that it will continue to execute its strategy.
Kone reported full-year 2019 sales of 10 billion euros, and at the end of the year had approximately 60,000 employees.
Its shares, listed on the Nasdaq Helsinki market, were down 1.8% on the news.
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