Kone on way up as it lifts stake in venture

BEIJING - Kone Oyj, a leading global elevator and escalator maker, has acquired the controlling interest in its Chinese joint venture, the company said on Tuesday.

Finland-based Kone paid 950 million yuan ($150.86 million) for a further 40 percent stake in GiantKone Elevator Co Ltd, which was established with Zhejiang Giant Holding Co Ltd in 2005, and increased Kone's ownership to 80 percent.

The transaction was completed in December, but it still requires final approval by the Chinese authorities.