The management board and the supervisory board of Kloeckner, a German producer-independent steel and metal distributor, recommended refraining from being taken over by Swoctem GmbH due to the low share bid price.

Kloeckner indicated that the share price does not reflect the fundamental value of the company based on its growth and profitability potential.

Besides, the offer price represents a premium of approximately 0.5% on the three-month average price of €9.70 per Kloeckner share. The premium offered is greatly below the historical median of the premiums offered in takeover transactions in Germany.