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RS - Reliance Steel & Aluminum Co News Story

$172.44 4.6  2.7%

Last Trade - 13/05/21

Sector
Basic Materials
Size
Large Cap
Market Cap £7.61bn
Enterprise Value £8.24bn
Revenue £6.46bn
Position in Universe 888th / 6856

UPDATE 1-Kloeckner & Co says not preparing offer for Thyssenkrupp unit

Thu 14th December, 2017 1:10pm
* No talks regarding tie-up with Thyssen unit -Kloeckner 
    * Materials Services makes twice Kloeckner's sales 
    * Kloeckner & Co CEO signalled interest in October 
 
 (Adds quote, context) 
    FRANKFURT, Dec 14 (Reuters) - German steel distributor 
Kloeckner & Co  KCOGn.DE  is not working on a bid for 
Thyssenkrupp's  TKAG.DE  Materials Services unit, a spokesman 
for the company said in response to a media report. 
    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. 
    "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," a Kloeckner & Co 
spokesman said. 
    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.  urn:newsml:reuters.com:*:nL8N1N05EL 
    The difference in value of the two businesses would be 
compensated for via a cash payment from Kloeckner & Co as part 
of Ruehl's potential proposal, Manager Magazin said, not 
elaborating further. 
    About two thirds of Materials Services' 13.8 billion euros 
($16.33 billion) in sales come from Thyssenkrupp's materials 
distribution business, which competes with Kloeckner, Salzgitter 
 SZGG.DE  and U.S.-listed Reliance Steel & Aluminum  RS.N . 
($1 = 0.8450 euros) 
     
 
 (Reporting by Christoph Steitz; Editing by Maria Sheahan) 
 ((christoph.steitz@thomsonreuters.com; +49 69 7565 1269; 
Reuters Messaging: 
christoph.steitz.thomsonreuters.com@reuters.net)) 
 
Keywords: THYSSENKRUPP M&A/KLOECK & CO
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