Kloeckner jumps as top investor launches takeover bid

Kloeckner & Co SE

13/03/2023 15:28

** Shares in Kloeckner  KCOGn.DE  jump over 5% following
SWOCTEM GmbH's announcement of a voluntary public takeover offer
for the German metals trader
    ** SWOCTEM intends to increase its stake in Kloeckner to
over 30% via a cash offer of 9.75 euros ($10.46) per share
    ** Owned by Friedhelm Loh, who already holds a 25.25% stake
in Kloeckner, SWOCTEM does not aim for a majority shareholding
but "to have more flexibility to buy shares in the future
without having to make a mandatory offer"
    ** Kloeckner confirms the offer but will "comment separately
on the offer, particularly with regard to the offer price and
other terms, at a later time"
    ** Stock heads for the biggest single-day jump in a little
below three months

($1 = 0.9323 euros)

 (Reporting by Anna Mackenzie)
 ((Anna.mackenzie@thomsonreuters.com))