Klöckner & Co has received an acquisition proposal from UK-headquartered steel trader Apollo/Swoctem, the German-based distribution group confirms in an ad-hoc announcement.
“In response to market rumours, the company states as follows: Apollo/Swoctem have submitted a non-binding indication of interest to the company, but have retracted it vis-à-vis the company, confirming that they will not pursue the transaction further at this stage,” Klöckner says.
“Irrespective of these developments, Klöckner & Co continues to implement the successful Surtsey project, which is focused on accelerating the company’s digital transformation and fostering restructuring initiatives,” it continues.
In August, Klöckner & Co said it expected upcoming acquisitions to accelerate its digitalisation process (see Kallanish passim).
The company recovered from the deep net loss of €111 million ($130m) it saw in the second quarter, to almost break even with a net loss of €5m in Q3.
Shipments rose from 1.07 million tonnes in Q2 to 1.242mt in Q3, but this is still -13% less than in Q3 2019.