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Thyssenkrupp Narrows Bids for $17 Billion Elevator Unit

  • Brazil-U.S. investment firm 3G is among firms out of running
  • Three groups of private-equity bidders remain in process
An employee at the Thyssenkrupp AG metals plant in Duisburg.

An employee at the Thyssenkrupp AG metals plant in Duisburg.

Photographer: Krisztian Bocsi/Bloomberg
Updated on

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.