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BX - An Upfront Break-Up Fee From Kone Oyj Would Provide Thyssenkrupp AG With Interesting Options
The Blackstone Group L.P. Representing Limited Partnership Interests
As the battle for Thyssenkrupp AG's (OTCPK:TYEKF;OTCPK:TKAMY) elevator business heavens up, Kone Oyj (OTCPK:KNYJF;OTCPK:KNYJY) has reportedly approached the company with a proposal. According to sources, the Finnish company would be willing to pay €3 billion as an upfront break-up fee which would count towards the purchase price pending regulatory clearance.
As I have previously explained, an acquisition of Thyssenkrupp Elevator makes great sense for Kone. So from their perspective it appears to be a risk worth taking. But for Thyssenkrupp this is a great deal, too,