|Bid||6.32 x 142800|
|Ask||6.33 x 10700|
|Day's Range||6.20 - 6.48|
|52 Week Range||3.28 - 13.95|
|Beta (5Y Monthly)||2.22|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb. 04, 2019|
|1y Target Est||N/A|
WINNIPEG, MB, July 7, 2020 /CNW/ -- thyssenkrupp Elevator Canada has acquired Winnipeg Elevator Group (WEG), a leading service provider in the Winnipeg area for more than 50 years. WEG maintains approximately 1,000 elevators, stairlifts, escalators and dumbwaiters in the region, while also boasting a strong presence in the modernization segment, as well.
Issuance across the US syndicated loan market plummeted in the second quarter as the asset class navigated a slow recovery from the novel coronavirus that left borrowers scrambling for cash to keep their businesses alive while economies around the world gradually reopen. Companies from beleaguered sectors, including United Airlines and cruise ship operator Carnival Cruise Line, collectively raised billions of US dollars in new, costly loans to bolster liquidity amid a pandemic that forced many consumers to shelter at home throughout the second quarter. The wary buyside limited its exposure to low, Single B rated loans that are subject to fall to Triple C, which is just notches above a default.
(Bloomberg) -- A group of six banks have launched the first part of the highly-anticipated jumbo debt sale backing the acquisition of ThyssenKrupp AG’s elevator unit, Europe’s largest leveraged buyout in a decade.The private equity firms that agreed to buy the division are seeking loans worth 3.05 billion euros ($3.4 billion) denominated in euros and U.S. dollars to part-finance the 17.2 billion euro buyout.Lead underwriters for the transaction are Barclays Plc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., Royal Bank of Canada, and UBS Group AG. The issue comes after bankers pre-marketed the deal to a group of investors in the past few days to gauge interest.Bankers are taking advantage of a swift rebound in debt markets to shift the debt that’s been weighing on their balance sheets since the first quarter. High-yield bonds and leveraged loans on both sides of the Atlantic have erased most of their losses since March and the markets have seen a flurry of offerings in recent weeks.The new loan helps fund the acquisition of ThyssenKrupp’s elevator unit by Advent International Corp. and Cinven Ltd., together with RAG-Stiftung. The purchase is due to close by the end of July.The debt package also includes senior secured bonds in dollars and euros, plus the equivalent of 1.7 billion euros in unsecured notes of which about 625 million euros has already been placed, Bloomberg has previously reported.On its latest earnings call, ThyssenKrupp didn’t offer too many details about the elevator business, besides noting that the division saw a small annual net sales decline in the three months to end-March, attributed to the coronavirus impact in China.In the loan market, the unit’s credit ratings will be watched closely by a large group of buyers, known as collateralized loan obligations. CLOs have been plagued by downgrades and may seek to add the business to their portfolios, depending on its rating.A lender call on the offering is scheduled for Tuesday. Investors have until July 1 to commit to the deal.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Thyssenkrupp <TKAG.DE> on Thursday said that the European Commission has cleared the sale of its elevator division to a private equity consortium including Advent, Cinven [CINV.UL] and Germany's RAG foundation, paving the way for the deal's closing. "It has been contractually agreed with the buyers that the closing will take place by July 31, 2020," Thyssenkrupp said in a statement. The 17.2 billion euro (£15.5 billion) transaction, agreed in February, provides Thyssenkrupp with a badly needed injection of cash it needs to fund pension liabilities and to lower debt.
Thyssenkrupp's <TKAG.DE> elevator division is set to launch a multi-billion euro high-yield debt package in the coming weeks to help finance its acquisition by a private equity consortium, four sources close to the matter told Reuters. Advent, Cinven and Germany's RAG foundation signed a 17.2 billion euro (£15.5 billion) deal to buy Thyssenkrupp's elevators division in late February, just as the coronavirus pandemic started to take hold in Europe. A successful deal would help cement one of the biggest leveraged buyouts by private equity firms of the past decade.
Thyssenkrupp <TKAG.DE> could sell most of its steelmaking division, its CEO said on Tuesday, marking a historic reversal in strategy for the German conglomerate which has built its 200-year-old legacy as an industrial champion on the business. "Nothing is off-limits anymore," Martina Merz said when asked by Reuters if Thyssenkrupp could a sell a majority stake in the steel business. Merz was speaking hours after announcing that the group was in talks with steel industry peers about consolidation options.
Thyssenkrupp <TKAG.DE> on Monday said it was looking for partners for its steel and warship divisions, singling out just three lines of businesses that will stay within the struggling German industrial icon. "Thyssenkrupp will emerge smaller but stronger from the transformation." Three divisions -- Materials Services, Industrial Components and Automotive Technology -- will stay with Thyssenkrupp and be developed by the firm.
Thyssenkrupp <TKAG.DE> and Germany's largest union IG Metall on Thursday called for further consolidation of the country's warship sector, saying a tie-up of rivals Luerssen and German Naval Yards (GNYK) did not go far enough. Late on Wednesday, Luerssen and GNYK announced they would combine their defense divisions to create a national champion, a move that has backing from the German government. Thyssenkrupp had also sought to participate in the consolidation and board member Oliver Burkhard took to Twitter to call for further moves involving the conglomerate's Marine Systems division.
Thyssenkrupp <TKAG.DE> is exploring several strategic options for its warship unit, ranging from combining it with Italy's Fincantieri <FCT.MI> to creating a national champion with German peers, a person familiar with the matter said. The talks are aimed at creating economies of scale for the division, Thyssenkrupp Marine Systems (TKMS), which builds submarines and surface ships and operates in a highly fragmented sector driven by political decisions, the source said. As part of the deliberations, the steel-to-car parts conglomerate is in talks with shipbuilder Fincantieri about a 50-50 joint venture to create a European champion with combined sales of 3.4 billion euros (3 billion pounds), the person said.
The German government's "protective umbrella" for businesses is open to struggling conglomerate Thyssenkrupp <TKAG.DE>, which warned on Tuesday it faced a deep quarterly loss, the Rheinische Post newspaper quoted an Economy Ministry spokeswoman as saying. In a sign of just how tight the group's financial situation has become, Thyssenkrupp also said it secured a 1 billion euro credit line from German state-owned bank KfW to tide it over until it receives cash from the sale of its elevator division, expected by the end of September. The ministry spokeswoman told the Rheinische Post: "On the subject of Thyssenkrupp, the same applies as to all companies: We have put up a historical protective umbrella for companies to give them the best possible support during the corona(virus) crisis and to maintain Germany's economic strength."
Thyssenkrupp <TKAG.DE> has less time for a wide-ranging restructuring plan than previously thought as the coronavirus pandemic is significantly burdening the already ailing conglomerate, its chief executive said in a note to staff. In her note, Merz said restructuring moves, cost cuts and, above all, measures to increase sales that the group had planned to implement over the next two to three years needed to be implemented significantly faster due to the pandemic. Merz said the longer the pandemic lasted the more it was eating up the expected proceeds from the sale of its elevators unit, adding management would discuss this with the supervisory board on May 18.
Germany's Thyssenkrupp <TKAG.DE> expects the coronavirus crisis to cause a new financial squeeze, scuppering hopes that selling its elevator business would deliver a swift cash respite for the embattled firm, its management board told staff in a letter. The elevator division was sold in February to ease financial pressure on the conglomerate which has struggled for years after ill-fated investments. "In the medium term, the cash outflows caused by the corona (crisis) will in all likelihood result in the financial leeway created by the sale of the elevator business becoming much lower than what was originally anticipated," the board wrote to staff.
Thyssenkrupp <TKAG.DE> has secured about 1 billion euros ($1.1 billion) of state aid to tide it over until it receives the money from the sale of its elevator division, two sources said on Thursday, the latest German company to tap government funding. Thyssenkrupp agreed to sell its elevators division to a consortium comprising Advent, Cinven and Germany's RAG foundation for 17.2 billion euros in February and is hoping for the money to arrive in June. Pummelled by ill-fated investments, a downturn in the car market, multiple leadership changes and an overly complex group structure that was tackled too late, Thyssenkrupp's shares hit historic lows around 3.2 euros in mid-March.
German companies including ThyssenKrupp, Salzgitter, Bayer, Covestro, E.ON, HeidelbergCement, Puma, Allianz and Deutsche Telekom have called for coronavirus-related state aid to be tied to climate action, daily Handelsblatt reported. "We appeal to the federal government to closely link economic policy measures to overcome both the climate crisis and the coronavirus crisis," more than 60 companies said in letter, ahead of the Petersberg climate dialogue starting on Monday.
German conglomerate Thyssenkrupp <TKAG.DE> is in talks about possibly merging its subsidiary ThyssenKrupp Marine Systems (TKMS) with a domestic rival to create a national champion. The Thyssenkrupp board member in charge of the marine systems unit, Oliver Burkhard, tweeted earlier that the company was in talks as an alliance could make sense in the current European market environment, with the creation of a national champion one possible outcome. The tweet followed a report by public sector broadcaster NDR which said Thyssenkrupp was sounding out domestic rivals German Naval Yards (GNYK) and Luerssen.
LONDON/NEW YORK, March 31 (Reuters) - Global mergers and acquisitions activity plunged 28% in the first quarter to its lowest level since 2016 as the devastating economic effects of the coronavirus pandemic took hold in March, compounding a slow start to the year for dealmakers. "But the financial system is now better capitalized than in 2008 and the actions of governments and central banks will be key in determining the ability of the economy to rebound," he said.
FRANKFURT/DUESSELDORF, Germany (Reuters) - German conglomerate Thyssenkrupp <TKAG.DE> will cut 3,000 jobs and invest 4.2 billion euros (3.8 billion pounds) at its struggling steel division by 2026 as part of a wage deal struck with powerful labour union IG Metall, it said on Wednesday. The measures, which follow a landmark deal to sell the group's prized elevator division, are aimed at making Thyssenkrupp's steel production business competitive once more against rivals including ArcelorMittal <MT.AS> and Voestalpine <VOES.VI>. The steel business, the second-biggest in Europe by sales, is reeling from weakening demand, cheap Chinese imports and a botched attempt to merge it with the European division of Tata Steel <TISC.NS>, a deal blocked by Brussels on antitrust concerns.
German elevator-to-car parts conglomerate Thyssenkrupp <TKAG.DE>, on Monday scrapped its 2019/2020 profit outlook, blaming the economic downturn triggered by the spread of the coronavirus. Thyssenkrupp in November said it expected its adjusted operating profit to be stable in the 2019/20 fiscal year, while its net loss and negative cash flow before M&A was expected to widen. The coronavirus outbreak has triggered numerous profit warnings in the automotive sector, Thyssenkrupp's single biggest customer groups, as well as in other industries where Thyssenkrupp operates.
FRANKFURT/DUESSELDORF, Germany (Reuters) - Thyssenkrupp <TKAG.DE> has suspended production at its German elevator factory until the end of the month after two employees tested positive for the rapidly-spreading coronavirus, the conglomerate said in an e-mailed statement. The news came as Germany's Volkswagen <VOWG_p.DE>, the world's No.1 carmaker, suspended production at factories across Europe, also blaming the coronavirus pandemic that has hit sales and disrupted supply chains. Thyssenkrupp last month agreed to sell its elevator division to a private equity consortium of Advent, Cinven [CINV.UL] and Germany's RAG foundation for 17.2 billion euros (15.7 billion pounds) to raise funds and cut debt.
The consortium that won the bid to acquire Thyssenkrupp's elevators division wants to spend billions of euros on expanding the business, a manager at one of three partners said in remarks published on Sunday. "The is no shortage of money for a global expansion," Ranjan Sen, managing partner with private equity firm Advent told the Handelsblatt business daily. Thyssenkrupp <TKAG.DE> said on Thursday it had agreed to sell its elevators division to a consortium of Advent, Cinven and Germany's RAG foundation for 17.2 billion euros.
FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp AG <TKAG.DE> said on Thursday it agreed to sell its elevators division to a consortium of Advent, Cinven [CINV.UL] and Germany's RAG foundation for 17.2 billion euros (14.5 billion pounds) in what could be the world's largest buyout this year. The bidding group prevailed against a rival consortium comprising Blackstone Group Inc <BX.N>, Carlyle Group Inc <CG.O> and the Canada Pension Plan Investment Board, which sources said submitted a lower offer. Thyssenkrupp said it would reinvest about 1.25 billion euros to take a stake in the unit, which, based on the purchase price, would result in a 7.3% share that would be used to partially fund its pension liabilities in a trust.
Private equity suitors for Thyssenkrupp's <TKAG.DE> elevator division, which is seen fetching around 16 billion euros (13.4 billion pounds), have submitted offers with similar levels of debt, four people familiar with the process told Reuters on Wednesday. Two consortia remain in the race: Blackstone <BX.N>, Carlyle <CG.O> and the Canada Pension Plan Investment Board are competing against Advent and Cinven [CINV.UL], who are supported by the Abu Dhabi Investment Authority and Germany's RAG Stiftung. Volkmar Dinstuhl, Thyssenkrupp's head of M&A who bears the title "International Master" from the International Chess Federation FIDE, will help review final bids, two people familiar with the matter said.
Finnish lift maker Kone <KNEBV.HE> will seek to profit from planned ownership changes at German rival Thyssenkrupp's elevator unit, Kone Chief Executive Henrik Ehrnrooth told the company's annual general meeting on Tuesday. "This is our clear goal, to see how Kone can profit from this (situation)," Ehrnrooth said, referring to possible turbulence caused by the ownership change over the next few years and in addition to pursuing Kone's existing strategic goals.