FRANKFURT, Oct 30 (Reuters) - German metals trader Kloeckner & Co KCOGn.DE is not holding talks with larger rival Thyssenkrupp TKAG.DE about a tie-up, its chief executive said on Wednesday, squashing speculation about a future cooperation in the near-term.
"And we don't expect that there will be a significant change," Gisbert Ruehl told journalists during a conference call following third-quarter results, adding the group had currently "no big interest" in consolidation.
Ruehl said that Kloeckner & Co was currently more focused on fixing its own operational issues, adding the company was rather in a wait-and-see mode with regard to Thyssenkrupp's Materials Services division.
Sources had told Reuters in August that Thyssenkrupp and Kloeckner & Co were in talks over future cooperation in materials trading, but were not working on a near-term takeover.
(Reporting by Christoph Steitz Editing by Tassilo Hummel)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.