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Report: Germany's RAG joins consortium bid for thyssenkrupp elevator unit

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Report: Germany's RAG joins consortium bid for thyssenkrupp elevator unit

RAG-Stiftung joined a consortium led by private equity firms Advent International Corp. and Cinven in a bid for thyssenkrupp AG's €15 billion elevator business, Reuters reported Jan. 15, citing two unidentified sources.

The newswire noted that RAG, a public-sector foundation and the controlling shareholder of German chemicals group Evonik Industries AG, was not available for comment.

According to the report, the involvement of RAG may help the consortium improve its chances with labor representatives who control half of thyssenkrupp's supervisory board.

RAG recently sold a 5.2% stake in Evonik worth €632.5 million.