Finland’s Kone to buy German rival TK Elevator in blockbuster $34.4 billion deal

finland's kone is buying german rival tk elevator for 29.4 billion euros ($34.4 billion) in a cash and share deal. it's one of europe's biggest takeovers in recent years and would create the world's largest elevator maker, overtaking otis and schindler. kone expects 700 million euros in annual synergies from the merger. shareholders holding just over 40% of kone's outstanding shares and about 74.3% of total votes have already agreed to back the deal. kone ceo philippe delorme said the union would create a more innovative company "well positioned for long-term success." thyssenkrupp shares surged 14% on the news. tk elevator became independent from thyssenkrupp in 2020, when private equity firms advent and cinven bought it for around 17 billion euros. schindler has already signaled it will challenge the deal before antitrust authorities.