Finnish lift maker Kone acquires German rival TKE, creating giant

Finnish lift maker Kone on Wednesday announced the acquisition of its German rival TKE in a huge share-and-cash deal valuing TKE at 29.4 billion euros ($34.4 billion) to create a global giant.

The group formed by the merger will be nearly twice the size of the current Kone group, with more than 100,000 employees in over 100 countries and annual revenue of around 20.5 billion euros, the two companies said in a statement.

TKE, or TK Elevator, split from Germany's Thyssenkrupp to become a standalone company in 2020 and is owned by a consortium including the private equity groups Advent and Cinven.

The elevator market is driven by  urbanisation and a growing service sector, as demand grows in countries with aging populations too weak to use stairs, according to experts. 

The deal announced Wednesday is one of Europe's biggest-ever takeovers involving private equity groups, according to Bloomberg, and the largest corporate acquisition ever carried out in Finland, Finnish media said.

The new group will be based in Finland and led by Kone's current French chief executive Philippe Delorme.

The chairman of Kone's board of directors, Antti Herlin, ranked by Forbes as Finland's richest man, will remain chairman of the new group.

Founded in the early 20th century, Kone has been controlled for about a hundred years by the Herlin family.

"This industry-revitalising transaction brings together two exceptional global businesses with highly complementary geographic footprints and innovation platforms," the joint statement said.

"Kone's presence in Asia is complemented by TKE's footprint in the Americas and TKE opens new geographies for Kone, resulting in a well-balanced global presence."

The German group generates 45 percent of its revenue in the United States.

The consortium that owns TKE will receive five billion euros and 270 million shares in the new Kone, valued at 15.2 billion euros, and will hold 33.8 percent of the new entity, according to the statement.

- 'Accelerate shift'-

The two groups said they expect annual synergies of 700 million euros from the acquisition, which is expected to be concluded by the second quarter of 2027 at the earliest.

The merger will "accelerate our strategic shift to service and modernisation, reinforcing our resilience," Delorme said in the statement.

Services and modernisation will account for about 65 percent of the new group's annual sales.

Investors welcomed the deal, with Kone shares gaining 2.4 percent to 57.66 euros on the Helsinki stock exchange in mid-morning trading.

"The industrial logic of this transaction is very solid. Naturally, this deal still involves risks related to regulatory authorities and integration," analyst Aapeli Pursimo of the Finnish stock market advisory firm Inderes said in a note.

On the European market in particular, overlaps could require the new group to divest activities, he said, while competitors such as Schindler could voice criticism. 

Pursimo meanwhile welcomed "the fact that Kone's current management, led by Philippe Delorme and (chief financial officer) Ilkka Hara, would continue at the helm of the combined company, which will bring continuity to the implementation of the integration."

Philippe Delorme, born in 1971, became chief executive officer of the Finnish group in January 2024 after more than 25 years at French industrial group Schneider Electric.

In 2025, Kone registered sales of 11.2 billion euros, compared to 9.2 billion for the German group.

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The latest developments in the Middle East war:

- Long blockade -

US President Donald Trump has told national security officials to prepare for a long blockade of Iran's ports in order to compel Tehran to give up its nuclear program, according to the Wall Street Journal.

Trump, according to the report, does not believe that Iran is negotiating in good faith and hopes it can be forced to suspend uranium enrichment for 20 years and accept tight restrictions thereafter.

- 'No more Mr. Nice Guy' -

"Iran can't get their act together. They don't know how to sign a nonnuclear deal. They better get smart soon!" Trump posted on his Truth Social platform, alongside an illustration of himself holding an assault rifle, with the caption "NO MORE MR. NICE GUY!" 

- Iran's 21 executions -

Iran has executed at least 21 people and arrested more than 4,000 since the beginning of the Middle East war, the United Nations said, criticising the Islamic republic's "harsh and brutal" treatment of its people. 

Since the US-Israeli strikes sparked the war in late February, "at least nine people have been executed in connection with the January 2026 protests, ten for alleged membership in opposition groups, and two on espionage charges," the UN's rights office said.

- Record TotalEnergies profits -

French fossil fuel giant TotalEnergies said net profit rose 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East.

Growth in its oil and gas production in Brazil and Libya allowed the group to offset losses in the Gulf region, which is normally equivalent to 15 percent of its total oil and gas business, the company said in a statement, while also highlighting its "ability to capitalize on rising prices".

- Saudi refinery restarts -

TotalEnergies also said that it had restarted its Satorp refinery in Saudi Arabia in mid-April, after the facility, jointly owned with the kingdom's Aramco, had been shut down following damage sustained in airstrikes during the Middle East war.

"Following the events of April 8, which affected three units at the Satorp site and led to its shutdown as a safety precaution, the undamaged units were able to be restarted, and the refinery has been operating at a capacity of 230,000 b/d (barrels per day) since April 14," the company said.

- US lawmakers to grill Pentagon chief on Iran war -

US Defense Secretary Pete Hegseth will face tough questions from lawmakers about the Iran war on Wednesday during his first testimony to Congress since the start of the conflict.

Hegseth's appearance before the House Armed Services Committee will be for a hearing on Trump's $1.5 trillion defence budget request.

Lawmakers from both parties have previously expressed dissatisfaction with the information provided in classified briefings on the war, setting up a potentially fiery public hearing in which top US military officer General Dan Caine is also set to testify.

- Trump says US 'militarily defeated' Iran -

Trump told Britain's King Charles III and other guests at a state dinner Tuesday that Iran has been "militarily defeated", in his first public comments on the sensitive topic during the ongoing royal visit.

"We have militarily defeated that particular opponent," Trump said at the White House dinner, adding: "Charles agrees with me even more than I do -- we're never going to let that opponent have a nuclear weapon."

- Israeli strikes on Lebanon kill eight: health ministry -

The Lebanese health ministry said Israeli strikes Tuesday killed eight people, including civil defence rescuers, and wounded two soldiers in the country's south, despite an ongoing ceasefire.

Israel has been fighting Hezbollah since early March, sending troops into south Lebanon to battle the Iran-backed militant group, with the violence ongoing despite a shaky April 17 ceasefire.

- Oil jumps -

Oil prices jumped on reports that Trump was unlikely to accept an Iranian proposal to restore traffic in the Strait of Hormuz and Qatar warned of a possible "frozen conflict".

Brent is above the level it hit before the two sides announced a ceasefire at the start of April, while West Texas Intermediate broke $100 Tuesday for the first time in two weeks.

Both contracts continued to rise Wednesday, with Brent holding above $113 and WTI above $101.

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Deep below the surface of the Mediterranean off the French coast, the pincer of a remotely guided underwater robot delicately closes around a centuries-old jug lying near a 16th-century shipwreck.

"You have to be extremely precise so as not to damage the site, so as not to stir up sediment," says navy officer Sebastien, who cannot give his second name for security reasons.

A two-hour journey from the French Riviera, Sebastien is overseeing the first of several archaeological missions on the deepest shipwreck in French territorial waters.

A routine army survey of the seabed uncovered the 16th-century merchant ship by chance last year in waters off the coast of Ramatuelle, close to Saint-Tropez.

Archaeologists believe the ship was sailing from northern Italy loaded with ceramics and metal bars before it sank.

Now the French navy and the culture ministry's underwater archaeology department are back to inspect the surviving artefacts lost more than 2,500 metres (1.5 miles) below sea level.

- Cannon, piles of jugs -

The navy is keeping secret the location of the wreckage site, which they have dubbed "Camarat 4"  -- even if most people would unlikely have the means to reach a site so deep.

The sun has barely risen when the mission's navy tugboat arrives on site, carrying an underwater robot and two large containers acting as makeshift offices for marine archaeologists.

Its crew lower the robot -- which is equipped with cameras as well as pincers -- into the water.

A navy officer guides the robot down, linked to the ship through a long cable, as experts monitor its slow descent on screens.

An hour later, the device -- which is designed to plunge as deep as 4,000 metres -- is gliding over piles of round pitchers on the sea floor.

Slowly, through its cameras, it reveals the wreck to the team sitting on deck.

It captures footage of a cannon, as well as hundreds of pitchers and plates, decorated with floral motifs, crosses and fish.

The robot shoots eight pictures per second for three hours, grabbing more than 86,000 images that will then be used to create a 3D model of the site.

Archaeologist Franca Cibecchini is delighted the water is so clear.

"The visibility is excellent. You almost can't tell it's so deep," she says.

"It is most likely a merchant ship carrying glazed pottery from Liguria," a region in the northwest of Italy, Cibecchini adds.

She says it could have been loaded on to the ship in the ports of Genoa or nearby Savona.

- 'Valuable information' -

Marine Sadania, the lead archaeologist on the underwater dig, says findings will be key to understanding trade routes at the time the ship sank.

"We don't have very detailed texts about merchant ships in the 16th century, so this is a valuable source of information on maritime history," she says.

The experts hold their breath as the robot lowers a pitcher into a case as gently as possible, so as not to break it.

A third of all ceramics extracted from sea digs end up breaking, Sadania says.

In total, the team hauls up several jugs and plates.

Back on land, in a laboratory in the southern port city of Marseille, Sadania runs water over one of the jugs.

Dark blue lines run across its rounded side, creating rectangles, some of which are coloured in with turquoise blue or decorated with saffron-yellow symbols.

"It's one of the deepest objects ever recovered from a wreck in France," she says.

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Thailand's jailed former prime minister Thaksin Shinawatra will be released early from prison next month, the corrections department said on Wednesday.

Thaksin, 76, has been serving a one-year prison sentence for corruption since September.

The telecoms billionaire will be freed on May 11 and will "need to comply with all conditions" until his probation ends, including wearing an electronic monitor, the department said in a statement.

His age and the fact that he had less than a year left to serve justified his early release, it added.

Thaksin's political clan has for two decades been a key foe of Thailand's pro-military, pro-royalty elite who view their populist brand as a threat to the traditional social order.

His Pheu Thai party, and its earlier iterations, was Thailand's most successful political party of the 21st century, with the Shinawatra family producing four prime ministers and drawing widespread support from the rural masses.

But Pheu Thai had its worst election result ever in February, slipping to third place and raising questions about the future of Thaksin's political machine.

Yet Pheu Thai's inclusion in the ruling coalition of conservative Prime Minister Anutin Charnvirakul has left open the possibility of a political comeback.

Thaksin's nephew and Pheu Thai's prime minister candidate, Yodchanan Wongsawat, was given the position of minister of higher education in Anutin's cabinet.

- Reduced prison term -

Thaksin is serving his sentence in a Bangkok prison after the Supreme Court ruled last year that he improperly served a 2023 sentence in a hospital suite rather than a cell.

He was elected prime minister in 2001 and again in 2005, and took himself into exile after his second term was cut short by a military coup.

After returning to Thailand in August 2023, he was sentenced to eight years for corruption and abuse of power.

But rather than prison, he was whisked to a private room in hospital on health grounds, his sentence was reduced to one year by royal pardon, and he was freed as part of an early release scheme for elderly prisoners.

The timing of his return and his medical transfer, which coincided with his Pheu Thai party forming a new government, had fuelled public suspicion of a backroom deal and allegations of special treatment.

The Supreme Court ruled in September that Thaksin had not been suffering from a critical health condition and his time spent in hospital could not count as time served, landing him in a prison cell to serve his one-year term.

Thaksin is one of more than 850 prisoners who were approved for early release on Wednesday, the corrections department said.

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A fishing boat glides quietly across the waters of Iraq's southern marshes, sending gentle ripples shimmering over the once-parched wetlands, now revived by long-awaited rains.

Running through almost the entire Huwaizah Marshes, the returning water is dotted with patches of greenery, with buffaloes soaking in it or wandering slowly nearby, grazing on the lush grass.

Overhead, birds of many kinds flutter, their movements mirrored in the still water below, part of the protected biodiversity of these millennia-old Mesopotamian wetlands.

Years of drought, blamed on climate change and upstream dams in neighbouring countries, have ravaged Iraq's marshes -- the reputed home of the biblical Garden of Eden -- nestled between the mighty Tigris and Euphrates rivers.

But a few rainy spells this winter have revived hope among residents and admirers alike.

As he sailed his long wooden boat, wearing his white abaya and keffiyeh, fisherman Kazem Kasid told AFP that "life will return, along with the fish and livestock, and people will feel that their homeland and future have been restored".

He added: "My message to the people living here: this is your land, this is your home... and it will remain so for generations to come."

Iraq's water ministry has said the reservoirs on the Tigris River are almost full, adding that it expects water levels in the Euphrates to rise in the coming days if Syria releases water from its dams.

As a result, the marshlands are experiencing "a relative revival".

Activist Ahmed Saleh Neema said the Huwaizah Marshes have not seen this much water in years, adding that 85 percent of the wetlands are now submerged, though the water depth still needs to rise.

"It is good. It means that the marshes will not dry this summer" when temperatures reach 50C.

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A French teen facing criminal charges in Singapore for a straw licking stunt was granted permission on Wednesday to leave the country for three weeks on pledges to return.

The 18-year-old is accused of posting to social media a video of himself putting the straw he licked back into the dispenser on an orange juice vending machine. 

Didier Gaspard Owen Maximilien's clip went viral and triggered a backlash that led to his arrest in Singapore, which has a reputation for not tolerating bad behaviour.

The teen's lawyer sought permission from a judge for him to travel to Manila from May 2-25 for an internship, a key requirement for him to graduate.

The judge granted the request after the prosecution posed no objection, but asked that he must remain contactable while overseas and required a SG$5,000 ($3,900) bond.

His next appearance in the Singapore court was also rescheduled from May 22 to May 29.

The teen, who is studying in Singapore and is out on bail, was charged last Friday over the straw stunt.

He uploaded the video on Instagram knowing that it "would or would probably cause annoyance to the public", according to court documents.

The public nuisance offence carries a jail term of up to three months and a fine.

A second charge of committing mischief said Maximilien knew that he was "likely to cause wrongful loss or damage" to iJooz, the company operating the vending machine which had to replace all 500 straws in the dispenser.

The mischief offence carries a punishment of up to two years in jail on conviction and a fine, according to the charge sheet.

Both offences were allegedly committed on March 12.

The Straits Times newspaper said the video "quickly went viral, sparking shock and concern among netizens".

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EU chief Ursula von der Leyen on Wednesday accused the Kremlin of cutting Russians off from the internet to hide worsening economic conditions in the country as sanctions over the Ukraine war bite.

"With inflation increasing and interest rates skyrocketing, the consequences of Russia's war of choice are also being paid for out of Russian people's pockets," European Commission head von der Leyen told EU lawmakers in Strasbourg.

"So much so that the Kremlin responds... by restricting the internet and free communication."

Von der Leyen said that "Russians feel that they live behind an Iron Curtain again, this time a digital Iron Curtain."

"If history has one lesson, it's that all worlds eventually fall," she said.

Russian authorities have recently stepped up efforts to control internet access in the country, throttling messenger apps Telegram and WhatsApp, tightening restrictions on VPNs (virtual private networks), and imposing blackouts.

The switch-offs, including in the capital Moscow, have caused rare expressions of public discontent after years of the Kremlin clamping down on free speech.

Since sending troops into Ukraine, Russia has hardened its rules against public signs of dissent, outlawing criticism of the Kremlin and the Russian army with strict military censorship laws.

The European Union last week approved a massive loan for Ukraine and imposed a new package of sanctions on Moscow after months of delay.

The new round of economic sanctions is the 20th from the 27-nation bloc since Russian tanks rolled into Ukraine in 2022.

While Russia's economy has so far largely weathered the economic punishment, EU officials insist that cracks are increasingly beginning to show.

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French oil and gas giant TotalEnergies said Wednesday net profit rose 51 percent in the first quarter to $5.8 billion, boosted by higher oil prices linked to the war in the Middle East.

Growth in its oil and gas production in Brazil and Libya allowed the group to offset losses in the Gulf region, which is normally equivalent to 15 percent of its total oil and gas business, the company said in a statement, while also highlighting its "ability to capitalize on rising prices".

The company's oil and gas production rose four percent in the quarter, with the amount of liquefied natural gas transported by sea gaining 12 percent.

The group increased its dividend 5.9 percent to 0.90 euros a share.

TotalEnergies also said it had partially restarted its Satorp refinery in eastern Saudi Arabia in mid-April,  after it had shut the facility following air strikes in early April.

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German sportswear giant Adidas on Wednesday reported strong growth in quarterly profits as sales rose in key markets, but warned of a "very volatile" and highly competitive retail environment.

The maker of Gazelle and Samba trainers said net profit attributable to shareholders came in at 482 million euros ($564 million) between January and March, up 13 percent from a year earlier.

Investors focused on the higher profit, and Adidas shares were up nearly seven percent in Frankfurt trading.

Sales rose 14 percent at constant exchange rates to 6.6 billion euros, helped by especially strong growth in North America and China.

But Adidas, which is facing intense competition from US rival Nike as well as a crop of newer firms, warned the climate remained difficult.

"The general retail environment is currently very volatile and heavily discounted in many markets, especially in lifestyle footwear," CEO Bjorn Gulden said in a statement. 

"We do, of course, hope the environment stabilises and that discounts will normalise, but this is unfortunately not in our control."

Adidas confirmed its outlook for the year, forecasting operating profit of 2.3 billion euros, despite an expected 400-million-euro hit from higher US tariffs and the impact of a stronger euro.

Adidas went through a difficult period after the end of a lucrative partnership with US rapper Kanye West in 2022.  

But Gulden has put the group back on a more stable footing, in particular seeking to promote its classic sneakers.

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A South Korean appeals court increased the sentence of jailed former president Yoon Suk Yeol on Wednesday to seven years for obstructing justice, up from five years.

A lower court had handed Yoon the initial sentence in January after he was found to have used presidential security agents to block his own arrest.

Both Yoon and the prosecution lodged appeals -- he argued that the arrest warrants against him were based on an "unlawful investigation", while special prosecutors said his punishment should be 10 years given his "egregious" crimes.

"The court sentences the defendant to seven years in prison," a judge at the Seoul High Court said on Wednesday, calling Yoon's actions "highly reprehensible".

"The defendant not only sought to obstruct the lawful execution of warrants by prosecutors and others," he said in his verdict.

"(He) also issued unlawful instructions to public officials of the presidential security service, who are national civil servants, attempting to use them as if they were private guards for his personal protection."

Yoon, who appeared in court wearing a black suit and white shirt, showed little emotion as he listened to the verdict.

The appeals court also upheld his conviction for abuse of power for excluding cabinet members from a meeting to plan the imposition of martial law.

It overturned his acquittal by a lower court of abuse of power for ordering his defence of the martial law declaration to be distributed to foreign media.

And it upheld the lower court's conclusion that Yoon had prepared falsified documents, but had not actually used them.

- Life sentence -

Yoon is also serving a life sentence for the much more serious crime of leading an insurrection, a result of his failed attempt to impose martial law in 2024.

In December that year, he made a shock late-night national televised address, raising the spectre of North Korean influence and "anti-state forces" to declare the suspension of civilian rule.

But martial law lasted only about six hours as lawmakers raced to the assembly building and voted it down in an emergency session.

In subsequent months, Yoon was impeached, removed from power and put on trial over a litany of allegations connected to his proclamation.

He has also appealed against his insurrection conviction, saying he acted "solely for the sake of the nation".

- Legal headaches -

In addition, Yoon faces a separate trial on charges of aiding the enemy over allegations that he sent military drones into North Korea earlier in 2024.

Special prosecutors are seeking a 30-year sentence in that case, arguing that Yoon ordered the incursion to provoke a response from Pyongyang that would strengthen his pretext for declaring martial law.

Yoon's legal team have denied the charge, saying he gave "no prior order or subsequent approval" for the operation cited by prosecutors.

Yoon's wife, former first lady Kim Keon Hee, is also languishing in prison for unrelated corruption crimes.

Initially sentenced in January to 20 months for bribery, her penalty was increased to four years on Tuesday after an appeals court reversed her acquittal for stock price manipulation.

Lawyers for Kim told AFP they would appeal the verdict to the Supreme Court.

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