UPDATE 1-Thyssenkrupp shortlists two buyout consortia in elevator deal

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FRANKFURT, Feb 17 (Reuters) – Thyssenkrupp on Monday said it has shortlisted two private equity consortia in the auction of its prized elevator division, dealing a blow to Finland’s Kone, which withdrew from the closely watched deal.

Potentially Europe’s biggest private-equity deal in 13 years, the transaction is now in its last stages and could come to a head next week when Thyssenkrupp’s supervisory board is scheduled to meet.

“The bids are at a high level and underline the attractiveness of the business. After careful evaluation of an extensive catalogue of criteria, the company has decided to prioritise further negotiations with two consortia of financial investors,” Thyssenkrupp said in a statement.

The ailing conglomerate said it would focus negotiations on two private equity consortia: one consisting of Blackstone , Carlyle and the Canadian Pension Plan Investment Board and one led by Advent and Cinven.

Thyssenkrupp said it aimed to reach an agreement over whether to sell a majority of the division, which could fetch 16 billion euros ($17.3 billion), or all of it, adding a initial public offering still remained an option.

$1 = 0.9228 euros
Reporting by Christoph Steitz; editing by Thomas Seythal and
Michael Shields

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