German billionaire Albrecht Knauf wants to become the owner of a blocking package of shares of the largest metal trader in Europe

As previously reported in the German press, the German billionaire Albrecht Knauf acquired a 7.82% stakes in the largest metal -engineer of Kloeckner, becoming its largest shareholder. As the businessman himself commented on the purchase, the acquisition of securities Kloeckner & Co is a strategic investment in the development of the metal traffic business of Knauf Interfer.

Since then, the interest of Mr. Albrecht has only increased. Today it became known about Knauf’s intention to take possession of Kloeckner's blocking stake. The German publication Handelsblatt, referring to its sources, assures that the ultimate goal of KNAUF is to acquire at least 25%, and a maximum of 30% of the shares of a leading European metal trader, so that, according to the requirements of the law, to subsequently make a proposal for the absorption of the company.

In Germany, a scandal is brewing with the alleged absorption of Kloeckner & Co. Kloeckner & Co shares jumped in price on Tuesday after it became known about the transaction with Knauf. Speculative moods inflated the price from 9.4 to 10.8 euros apiece. Meanwhile, Citigroup analysts consider the risks unjustified and advise not to make rash purchases and sell Kloeckner shares.