Schindler CEO: KONE, TKE Merger Would Be a "Bloodbath"

In a very short piece published on March 24, Reuters said Schindler CEO Paolo Compagna told the outlet the Swiss OEM would be ready to challenge a merger between rivals TK Elevator (TKE) and KONE before antitrust authorities. The merger, Compagna said, would be a “‘bloodbath’ bound to disrupt the industry, as the world’s third- and fourth- largest lift manufacturers would need to fit together overlapping customer bases, production sites and teams.” Last week, numerous outlets, including Reuters — citing Bloomberg — reported Finland-headquartered KONE was in talks with TKE’s private-equity owners Advent International and Cinven to buy TKE as soon as in the next few weeks. As they continue to look at a potential initial public offering, Advent and Cinven seek a valuable of as much as EUR25 billion (US$28.8 billion) in any potential deal.