Klöckner & Co’s board says it has taken note of Swoctem GmbH’s intention to make a voluntary public takeover offer for the distributor’s whole issued share capital. Swoctem is offering €9.75 ($10.47) cash per share. KlöCo’s share price on the Xetra exchange was €9.98 on 13 March.
Swoctem is by far the largest single shareholder in the German-based steel distribution group. It is owned by Friedhelm Loh, whose Loh Group includes steel processing and distribution units, which makes it Klöckner’s only large stakeholder with related activities. At the latest notification in 2016, Swoctem held slightly more than 25% in Klöckner. Other companies hold a maximum of 5% each, but mostly less, Kallanish notes.
Klöckner’s board says it welcomes the fact that Loh supports the implementation of the “Klöckner & Co 2025: Leveraging Strengths” campaign and that his announcement underlines his interest in KlöCo’s long-term development.
It also says it is evaluating the situation and will inform shareholders with its assessment of the offer and its conditions in a timely manner after the submission of the offer document.
Christian Koehl Germany
