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Kloeckner & Co not preparing offer for Thyssenkrupp’s Materials Services unit-The 19th China (Guangzhou)Int’l Fastener & Equipment Exhibition
12/19/2017 fastener expo |
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Reuters reported that German steel distributor Kloeckner & Co is not working on a bid for Thyssenkrupp’s Materials Services unit. A spokesman for the company said in response to a media report that “There are currently neither talks between Kloeckner & Co and Thyssenkrupp over a tie-up with the Material Services division nor are we preparing an offer for it.”
German monthly Manager Magazin earlier reported that Kloeckner CEO Gisbert Ruehl would soon propose a joint venture under the leadership of his company, taking advantage of growing shareholder criticism over Thyssenkrupp’s slow turnaround.
Ruehl had said in October that parts of Thyssenkrupp’s Materials Services, which generates more than twice the annual sales of Kloeckner, would be a good strategic fit.
About two thirds of Materials Services’ EUR 13.8 billion in sales come from Thyssenkrupp’s materials distribution business, which competes with Kloeckner, Salzgitter and U.S.-listed Reliance Steel & Aluminum.
-The 19th China (Guangzhou)Int’l
Fastener & Equipment Exhibition
- Fastener exhibition,2018 Fastener
exhibition, China Fastener exhibition, Guangzhou Fastener exhibition, 2018 Fastener
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