Latest News for KNYJY
Finnish elevator maker Kone said on Wednesday its shareholders have approved the company's planned $34 billion acquisition of German rival TK Elevator (TKE), which is set to create the world's largest lift making group.
Brussels' antitrust rules have already once helped derail an attempt to create the world's top lift maker, but Kone's proposed new tie-up with TK Elevator shows the Finnish group is banking on a change in Europe's approach to forging regional champions.
Under the deal, Kone would pay the consortium that owns TK Elevator around €5 billion in cash and up to 270 million newly issued Kone shares.
Kone Oyj Unsponsored ADR (OTCMKTS:KNYJY - Get Free Report) has earned a consensus recommendation of "Hold" from the six analysts that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating on
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