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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Kone    KNEBV   FI0009013403

KONE

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Thyssenkrupp shares rise on hopes of deal with Finland's Kone

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05/16/2019 | 04:36am EDT
Thyssenkrupp's logo is seen close to the elevator test tower in Rottweil

BERLIN (Reuters) - Shares in Thyssenkrupp rose as much as 7.2% on Thursday after Reuters reported Finnish company Kone is assessing the viability of a bid for the German conglomerate's 14 billion euro (12 billion pounds) elevators division.

Thyssenkrupp last week dropped plans to spin off its capital goods business after months of shareholder criticism, and opted instead to list elevators, its most profitable division.

Four people familiar with the matter said it was not clear if Kone could fund an all-cash bid and whether or not the deal would face significant anti-trust hurdles similar to Thyssenkrupp's failed steel joint venture with India's Tata Steel.

"Geographical difference in sales could help ease competition concerns," Jefferies analysts wrote in a note.

They said that for Thyssenkrupp an initial public offering of a minority stake in the elevators business probably remained "Plan A" as it would bring in cash more quickly to fund a restructuring of the group, whose products also include steel, bearings and submarines.

Barclays analysts said a deal with Kone would result in 3-4 billion euros of synergies attributable to the German group.

Thyssenkrupp shares have shed 41% in a year while Germany's benchmark DAX index was down 7% over the same period.

On Thursday, Thyssenkrupp shares rose as much as 7.2% to 12.985 euros and were up 2.8% at 0755 GMT.

Shares in Kone were also up 2.8%.

(Reporting by Thomas Seythal; Additional reporting by Linda Pasquini and Boleslaw Lasocki in Gdynia. Editing by Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
DAX 0.06% 12341.83 Delayed Quote.16.79%
KONE -0.39% 51 Delayed Quote.22.96%
TATA STEEL 4.62% 494.1 End-of-day quote.-9.36%
THYSSENKRUPP -1.49% 12.195 Delayed Quote.-17.39%
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Financials (€)
Sales 2019 9 651 M
EBIT 2019 1 207 M
Net income 2019 946 M
Finance 2019 1 735 M
Yield 2019 3,46%
P/E ratio 2019 27,01
P/E ratio 2020 24,27
EV / Sales 2019 2,13x
EV / Sales 2020 2,03x
Capitalization 22 329 M
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Technical analysis trends KONE
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 25
Average target price 45,7 €
Spread / Average Target -7,3%
EPS Revisions
Managers
NameTitle
Henrik Georg Fredrik Ehrnrooth President & Chief Executive Officer
Antti Juhani Herlin Chairman
Ilkka Hara Chief Financial Officer
Tomio Pihkala Chief Technology Officer
Matti Juhani Alahuhta Independent Director
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