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6/20, 12:36 PM (Source: TeleTrader)
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ThyssenKrupp, Kloeckner in merger talks - report

ThyssenKrupp and steel company Kloeckner & Co, also known as Kloeco, held merger talks that are aimed at strengthening the former's materials division, Manager Magazin reported on Thursday.

Kloeco is has a market cap of $486.9 million, which could make it a cheap purchase for ThyssenKrupp. The company's revenue would increase to €21.5 billion as a result of the merger. However, if the merger talks turn out unsuccessful, ThyssenKrupp will be looking to increase its trade network by acquiring even smaller companies. After the report, Kloeco jumped 7.95% at 12:30 pm CET and ThyssenKrupp was one of the best trading stocks on the DAX as it gained 2.72% at the same time.

Earlier this month, the European Commission blocked ThyssenKrupp's merger with Tata Steel.

Breaking the News / VP