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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
expo, China Fastener expo, Guangzhou Fastener expo
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