Kone may have opportunity to acquire Toshiba's elevator business - report (translated)
Kone, the Finnish lift maker, could have an opportunity to acquire the Japanese lift maker Toshiba’s elevator business, according to Arvopaperi.
The Finnish language piece wrote that Toshiba recently announced EUR 2bn of write downs due to an acquisition that did not go as planned.
The company's share price has also suffered from accounting issues and it has dipped by 42% last week.
The item said without citing anyone by name that it could be possible Toshiba was looking to exit from its elevator business.
It also cited an unnamed analyst who said that it is fully possible Toshiba would sell its elevator business to Kone, the situation is more likely now than ever before.
The two companies have for long had a strategic alliance, the item said and Kone already owns nearly 20% of Toshiba Elevator and Building Systems Corporation.
Kone is interested in the business because it would strengthen the Finnish company’s position in Japan and elsewhere in Asia.
Kone would not have problems financing the deal, the analyst noted.
One option for Kone is to increase its stake in the business bit by bit, the item said.