The German steel trader Klöckner & Co. has decided not to merge with industrial and steel giant ThyssenKrupp. The talks about the merger were aborted by Klöckner, according to the German Handelsblatt. Handelsblatt says he has heard from people from Klöckner’s leadership that the decision is a consequence of the dismissal of CEO Guido Kerkhoff from former discussion partner ThyssenKrupp.
Last week it was announced that Kerkhoff will be sent from the avenue. Among other things, there would have been a conflict about the future of the elevator branch of ThyssenKrupp. Now ThyssenKrupp has to look for a new leader, which according to Handelsblatt would not be easy. Many leading figures have already thanked you for the honor of running this group, including Till Reuter (formerly of KUKA) and Ulrich Spiesshofer (formerly of ABB).
The boss at Klöckner, Gisbert Rühl, does not think that a merger will be discussed soon. “I can’t imagine that they are thinking of acquisitions at ThyssenKrupp under the current circumstances.”
ThyssenKrupp, which makes steel, lifts and car parts, among other things, and offers industrial solutions, has a lot of headwind. The car industry, for example, suffers from trade concerns and the steel branch is struggling because of a falling price for that metal.
Lesley Woutersen, one of the co-founders of the EconomicInform gives away all of his free time to the project. He is interested in stock exchange and digital assets. Lesley can be reached by lesley.woutersen@economicinform.com.
