Kloeckner shares surge on report of possible takeover by ThyssenKrupp

Credit: REUTERS/Thilo Schmuelgen

Shares in Kloeckner & Co spiked on Thursday after a German magazine reported that Thyssenkrupp could take over the German metals distributor.

BERLIN, June 20 (Reuters) - Shares in Kloeckner & Co KCOGn.DE spiked on Thursday after a German magazine reported that Thyssenkrupp TKAG.DE could take over the German metals distributor.

Guido Kerkhoff, CEO of steelmaker Thyssenkrupp, has already had an initial discussion with Gisbert Ruehl, head of Kloeckner, Manager Magazin reported.

It said when Thyssenkrupp's coffers are filled again from the planned separate listing of its elevator unit it could take over Kloeckner.

Share in Kloeckner & Co traded 6.9% higher at 1028 GMT while Thyssenkrupp shares traded 2.5% higher.

(Reporting by Tassilo Hummel Writing by Michelle Martin Editing by Ludwig Burger)

((MichelleHannah.Martin@thomsonreuters.com; +49 30 2888 5223; Reuters Messaging: MichelleHannah.Martin.thomsonreuters.com@reuters.net))

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