European Commission approves sale of Thyssenkrupp elevator division

Thyssenkrupp said the European Commission has approved the sale of the elevator division to a private equity consortium including Advent, Cinven and the German RAG foundation, paving the way for the closing of the deal. Thyssenkrupp said: "Under the contract with the buyers, it was agreed that the closing of the deal will take place by 31 July 2020."

The € 17.2 billion deal agreed in February gives Thyssenkrupp much-needed cash to fund pension obligations and reduce debt.