Capital markets week ahead: Thyssenkrupp, Gazprom, BW Energy

摘要

HEAVY LIFTING Banks must submit their bids to provide the financing for three rival groups that are vying to buy Thyssenkrupp's flagship elevator business. The German conglomerate is selling its most lucrative division after a spate of recent profit warnings caused by a slowdown in China and a steep rise in its pension costs, with the deal expected to bring in more than €15bn. But financing the acquisition will be a little tricky - as well as €7bn of funded debt, the winning package is likely to include €2.5bn of unfunded facilities, which banks tend to hate because of the paltry fees associated with them. Banks will also have to pick which of the three rival consortia to back, each of which includes important private equity clients.