23.05.2002

Partek to be bought?

Partek, owner of Hiab, looks set to become part of Finland’s Kone, manufacturer of lifts and elevators. This follows the decision of the Finnish government to sell its 30.2 per cent shareholding in Partek to Kone.

Christoffer Taxell, chief executive of Partek, has resigned and was reported in the Financial Times as saying: “It is extraordinary that the state of Finland has taken part in and enabled a hostile takeover”.

Taxell had been trying to arrange an agreed merger with KCI Konecranes, independent manufacturer of cranes and materials handling equipment.