Brookfield, Temasek partner up for Thyssenkrupp elevator bid



by   |  VIEW 1588

Brookfield, Temasek partner up for Thyssenkrupp elevator bid

Brookfield Asset Management, the Toronto-based Canadian multinational alternative asset management company primarily engaged on real estate, renewable energy, infrastructure and private equity, had joined forces with Singapore’s state-backed investor Temasek Holdings in an auction for Essen-based German multinational conglomerate, Thyssenkrupp’s elevator division, tagged at €15 billion or $16.6 billion, at least two people familiar with the subject-matter had unveiled on Friday, the 10th of January 2019, on condition of anonymity as the sources were not authorized to speak over the issue on public.

Besides, the latest tie-up of Canadian Brookfield and Temasek would likely to create another potential contender for the asset that the German multinational conglomerate had planned either to sell or to list in public trading, joining a string of rival bidders including a consortium of Blackstone, the world’s largest alternate asset management company, alongside a Canadian Pension Plan Investment Board, sources said on Friday (January 10th), while Advent, Cinven alongside Abu Dhabi Investment Authority had already sent their planned buyout bids for Thyssenkrupp Group’s most profitable business by far.

Aside from that, Finland’s engineering company Cone could proffer a tougher competition together with private equity firm CVC, while another source who wished to remain anonymous had unveiled on Friday (January 10th) that Japan’s Hitachi Group had also been in the bidding race.

On top of that, the Supervisory board of Thyssenkrupp Group, which was almost forced to a sell off of its most-profitable business in a bid to raise funds following several profit warnings amid a global slowdown jitters, would meet on January 15th to narrow down the figure of bidders and to discuss over the auction proceedings.