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Report: Advent, Cinven to make joint offer for thyssenkrupp's elevator unit

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Report: Advent, Cinven to make joint offer for thyssenkrupp's elevator unit

Buyout firms Advent International Corp. and Cinven are partnering with sovereign wealth fund Abu Dhabi Investment Authority to make an offer for the elevator business of thyssenkrupp AG, the Financial Times reported, citing people familiar with the matter.

The group reportedly could face a rival bid from Finnish elevator maker KONE Oyj and Japan's Hitachi Ltd. Carlyle Group LP, CVC Capital Partners Ltd., KKR & Co. and Blackstone Group Inc. are also considering acquisition offers for the unit, with some of the firms looking to partner with peers, sovereign wealth funds, or trade buyers. Swedish investor EQT Partners AB has left the race, the publication noted.

Pressure from Cevian Capital AB, Elliott Management Corp. and other activist investors to slim down after several profit warnings has led the German conglomerate to explore options for the unit, which could cost more than $20 billion in a sale.

Thyssenkrupp told the publication it would "evaluate offers from strategic and financial investors," while Hitachi reportedly said "no formal decision has been made."

The private equity groups did not comment on the matter, while Kone CEO Henrik Ehrnrooth said "it makes sense for us to look into this opportunity," according to the publication.