Funds News

REFILE-Two suitors for Thyssenkrupp elevator division sign fair owner pledge

(Fixes typo in spelling of Abu Dhabi Investment Authority)

DUESSELDORF, Germany, Feb 22 (Reuters) - The two consortia bidding for Thyssenkrupp’s 16 billion euro ($17.3 billion) elevator division have signed a fair owner agreement, a key demand by labour 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, Carlyle and the Canada Pension Plan Investment Board on one side and Advent and Cinven, supported by the Abu Dhabi Investment Authority and Germany’s RAG foundation, on the other. (Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Kim Coghill)