Finnish elevator manufacturer Kone has announced a €29.4 billion bid to acquire Germany's TK Elevator (TKE), a move that would create a new industry leader with roughly 30% global market share and combined annual revenues of €20.5 billion, overtaking Swiss rival Schindler (headquartered in Ebikon, central Switzerland). Schindler, which reported first-half revenues of CHF 5.3 billion, has signalled it will challenge the merger before competition regulators, warning that the deal — which Kone plans to finance almost half through a share issue — could take until mid-2027 or later to clear antitrust review. The competitive pressure is already visible in Switzerland, where Kone recently won the lion's share of a SBB (Swiss Federal Railways) maintenance contract covering nearly 1,300 lifts and escalators, taking CHF 2.3 million of the CHF 4.9 million annual deal against Schindler's CHF 1.2 million, underscoring how the lucrative servicing and modernisation of existing installations has become the key battleground in the global elevator market.