09/04/2009, Duisburg


  • Klöckner & Co decides on capital increase with a volume of EUR 200 million,
  • Subscription price of EUR 10.00 per new share
  • Subscription rights for Klöckner & Co shareholders at a ratio of 7 to 3
  • Subscription rights to be exercised from September 8 through September 21, 2009

The Management Board of Klöckner & Co SE decided today with the consent of the Supervisory Board to carry out a capital increase from authorized capital. Klöckner & Co is raising new funds inter alia to resume its acquisition strategy started after the public listing in 2006 and to advance sectoral consolidation. The company had suspended its expansion efforts when the global financial crisis deepened last September in order to focus on cost-cutting and debt reduction and safeguard its financial stability. Due to the Company's fast, rigorous response to the crisis, these measures have now largely been completed. Although the financial crisis and its repercussions are probably not yet behind us, Klöckner & Co aims to use crisis-related opportunities to push its longterm growth. In addition, a recovery of the economic situation will lead to higher working capital requirements. In this process, the Company will not loosen its safety net of healthy balance-sheet ratios and financing structure and will expand its equity capital base accordingly.

The Company will increase its share capital by EUR 50,000,000 from EUR 116,250,000 to EUR 166,250,000. The capital increase will be effected through the issue of 20,000,000 nopar value shares with a calculated pro rata share of the capital stock of EUR 2.50 per share and full dividend entitlements as of January 1, 2009.

The issue price for the new shares amounts to EUR 10.00 per share, resulting in gross issue proceeds of EUR 200 million. The underwriter banks have guaranteed the placement at this price.

Following the approval of the securities prospectus by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) anticipated on September 4, 2009, the new shares will be offered to Klöckner & Co shareholders for subscription at a ratio of 7 : 3, i.e. shareholders can subscribe three new shares for seven old shares. Shareholders' legal subscription rights were excluded for a residual amount of 71,429 shares to ensure an even subscription ratio.

The subscription rights may be exercised during the period from September 8, 2009, through September 21, 2009. They will be traded in the regulated market of the Frankfurt Stock Exchange during the period from September 8, 2009, through September 17, 2009. It is expected that the new Klöckner & Co shares will be included in the existing listing of shares of Klöckner & Co on September 22, 2009. The capital increase of Klöckner & Co is underwritten by a consortium of Deutsche Bank and J.P. Morgan as well as ABN AMRO, Barclays Capital and COMMERZBANK.

Press Release 09/04/2009

You can download this Press Release as PDF file.

Christian Pokropp

Head of Corporate Communications

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