DUESSELDORF, Germany (Reuters) - Thyssenkrupp (TKAG.DE) said its elevator business was a core part of the company, responding to a German magazine report that Finnish rival Kone (KNEBV.HE) had proposed a merger at the end of 2015.
Kone last year suggested merging its elevators business with that of rival Thyssenkrupp. The German firm rejected the proposal, Wirtschaftswoche reported on Thursday, without identifying its sources.
Under Kone’s proposal, the Finnish company would have managed the merged units, but Thyssenkrupp’s boards wanted to keep control, the magazine reported.
“The elevator division is an integral part of our group. We have clear growth targets and we want to drive the business forward on its own,” a Thyssenkrupp spokesman said.
Shares in Thyssenkrupp were up 3.5 percent at 0419 ET, the top riser among German bluechips .GDAXI.
The spokesman declined to comment on whether there had been a merger proposal from Kone.
Kone declined to comment.
Reporting by Tom Kaeckenhoff; Additional reporting by Jussi Rosendahl in Helsinki; Writing by Victoria Bryan; Editing by Ruth Pitchford