FRANKFURT, Feb 18 (Reuters) - German billionaire Albrecht Knauf said on Tuesday that raising his stake in German steel distributor Kloeckner to 7.82 percent is part of a drive to further expand into steel trading.
Knauf Interfer, an Essen, Germany based steel distributor fully owned by Knauf, is being repositioned by its new Chief Exetutive Klaus Kremper to increase its steel trading operations, Knauf Interfer said on Tuesday.
“In light of this background, the purchase of Kloeckern & Co shares is a strategic investment,” it added.
According to a stock exchange announcement late on Monday, Albrecht Knauf became Kloeckner’s largest shareholder by taking a 7.82 percent stake. (Reporting by Ludwig Burger)