Turkey top envoy goes to Niger in bid to secure uranium supplies
The trip comes after Niger’s military government withdrew mining rights from Canadian and French companies to develop uranium deposits.
FRANKFURT, Dec 14 (Reuters) – German steel distributor Kloeckner & Co is not working on a bid for Thyssenkrupp’s 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.
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 and U.S.-listed Reliance Steel & Aluminum. ($1 = 0.8450 euros)
(Reporting by Christoph Steitz; Editing by Maria Sheahan)
