Embattled steel giant Thyssenkrupp AG has narrowed the list of bidders for its elevator unit, which is expected to fetch more than 15 billion euros ($17 billion), people familiar with the matter said.
Asian private equity firm Hillhouse Capital has decided against a bid, while Brazilian-American investment firm 3G Capital is also out of the running, the people said, asking not to be identified because the information is private. A consortium including Blackstone Group Inc., Carlyle Group LP and Canada Pension Plan Investment Board proceeded to the next round, as did a rival group backed by Advent International, Cinven Ltd. and the Abu Dhabi Investment Authority, they said.
