Embattled steel giant Thyssenkrupp narrowed the list of bidders for its elevator unit, which is expected to fetch more than €15 billion ($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 and Canada Pension Plan Investment Board proceeded to the next round, as did a rival group backed by Advent International, Cinven and the Abu Dhabi Investment Authority, they said.
Brookfield Asset Management, which partnered with Temasek Holdings, is also still in the running, the people said. The shortlisted investment firms will be competing with the remaining strategic suitor, Finnish elevator maker Kone Oyj, which teamed up with CVC Capital Partners and has been bidding on a different timeline, the people said.
Shares of Thyssenkrupp have fallen about 25% over the past year, giving the Essen-based company a market value of €7.5 billion. Hillhouse and 3G, which had been considered surprise bidders when they first entered the auction, could still try to team up with the remaining parties, the people said.