In late April, Finnish elevator/escalator maker Kone (OHEL:KNEBV) reported first quarter earnings that met sales growth expectations, although margins compressed due to raw material and labor costs. The stock price jumped higher after a news publication suggested Kone may bid on ThyssenKrupp's $15 billion elevator division. Acquisition rumors held merit, as Kone had gone on record with its intent to become an industry consolidator.
From Bernard Horn (Trades, Portfolio)'s second-quarter 2019 Polaris Global Value Fund shareholder letter.
