Two suitors for Thyssenkrupp elevator division sign fair owner pledge

DUESSELDORF, Germany (Reuters) – The two consortia bidding for Thyssenkrupp’s (TKAG.DE) 16 billion euro ($17.3 billion) elevator division have signed a fair owner agreement, a key demand by labor union IG Metall to protect jobs, a company spokesman said on Saturday.

The move leaves wide open the race for the asset, potentially Europe’s biggest private equity transaction since 2007, ahead of a Feb. 27 meeting of Thyssenkrupp’s supervisory board where a final decision could be made.

Two consortia are battling it out: Blackstone (BX.N), Carlyle (CG.O) and the Canada Pension Plan Investment Board on one side and Advent and Cinven [CINV.UL], supported by the Adbu Dhabi Investment Authority and Germany’s RAG foundation, on the other.

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