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The Swiss manufacturer of elevators challenged the sale of Elevator division Thyssenkrupp

Europe / Engineering

proposed merger of Thyssenkrupp Kone will cause litigation according to the manufacturer Schindler elevators in violation of antitrust laws, said in an exclusive Reuters.

The Swiss manufacturer of elevators challenged the sale of Elevator division Thyssenkrupp

the Swiss manufacturer Schindler elevators will take total antitrust attack in the courts to stop any merger of Elevator division Thyssenkrupp with a Finnish competitor Kone, reports Reuters, citing the words of a member of the Board of Schindler, Alfred Schindler.

the Combination of Kone and Thyssenkrupp Elevator can lead to the creation of the world's largest manufacturer of elevators, which bypass a market leader Otis shareholder is Schindler, who currently ranks second in the world in production of Elevator equipment.

"Probably, we will file lawsuits in Europe, USA, Canada, China, and possibly in Australia. These investigations will take at least three to four years," said Schindler, who currently is the honorary Chairman of the Swiss company.

he said He expects other competitors Thyssenkrupp will file a lawsuit in the case of sale Kone Elevator units: "You can safely assume that neither Otis or Schindler simply will not allow ourselves to be expelled from the market."

As a symbol of the industrial might of Germany, Thyssenkrupp is struggling with debt and pension obligations in the amount of 12.4 billion euros after years of bad investments and very interested in selling their unit of Elevator equipment.

Thyssenkrupp plans to make a decision about what he will do with smart business by the end of February. In addition to the full or partial sale, the company also plans an initial public offering of shares, though sources report that it looks less likely.

Earlier it was reported that because of the differences in the strategy of development of the steel division, the Supervisory Board was replaced by Director of Thyssenkrupp Steel Europe. Zarabativali last days Premal Desai planned over the next five years to spend on upgrading metallurgical equipment additional € 800 million.

This would allow Thyssenkrupp to solve the problem of backlog is the quality of steel in Europe. According to analysts, at present the company can't afford these investments. However, the financial crisis should be resolved as a result of sale of division on manufacture of Elevator equipment. The negotiations are at the final stage.

Informed Thyssenkrupp failed to consolidate the steel assets in Europe and the Indian company Tata Steel. This deal was blocked by the European Commission as violating the antitrust laws of the EU.

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