German steel manufacturer ThyssenKrupp AG revealed on Monday that Finnish engineering and service company Kone withdrew from the elevator unit deal worth €16 billion, so the company focused on two private equity consortia that are still part of the negotiations.

"The remaining bidders have submitted more concrete offers. The bids are at a high level and underline the attractiveness of the business," Thyssenkrupp said in a statement.

Thyssenkrupp’s supervisory board is expected to make a decision on the transaction that could've been Europe's largest private-equity deal in 13 years, if the Finnish engineering company stayed in the arrangement.