Klöckner’s largest shareholder secures 30%

Within a matter of days of its public takeover offer, the main shareholder in Klöckner & Co SE has secured 30% in the German steel distribution group.

Swoctem, the investment vehicle of entrepreneur Friedhelm Loh, issued a voluntary public takeover offer at the beginning of last week for the distributor’s whole issued share capital (see Kallanish 13 March). Klöckner’s board welcomed the fact that Loh’s announcement underlines his interest in KlöCo’s long-term development, it said in a statement.

Two days after the offer announcement, Klöckner’s shareholder structure sites showed that Swoctem was now at 30%, up from the slightly above 25% it had held since 2016. According the German Press Agency, dpa, the increase in holding occurred already on the first offer day. It cites Loh as saying he does not intend to take an absolute majority in the steel distributor. His stake of 30% has not changed since 15 March.

Christian Koehl Germany