8/23/2019, 10:21 AM (Source: TeleTrader)
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Kloeckner jumps on word of ThyssenKrupp talks

Kloeckner and Co. SE reached €5.695 per share on Friday, its stongest level since May 15, following a report by Handelsblatt that it is in discussions with Thyssenkrupp AG. The distributor of steel and metals based in Duisburg is apparently targeted by the management of the giant German company for a possible acquisition. ThyssenKrupp, which has headquarters in Essen, prioritized the efforts to make a deal within the current restructuring and there is "a good chance" it would be reached, the leaked information indicated.

Some sources, however, said the talks haven't gotten to a potential acquisition as the steelmaker is struggling to divest or spin off its elevator business. Insiders have hinted at consolidation, a share swap and a business combination in materials services.

Kloeckner was 10.95% in the green at €5.37 per share at 10:04 am CET. Last month it fell to a record low at €4.192 per share. ThyssenKrupp rallied 2.3% to €10.66. Of note, a week ago it has touched €9.252 per share, its worst point in more than 16 years.

Baha Breaking the News (BBN) / IT