Under the terms of the agreement, Klöckner & Co. AG will acquire 70 percent of shares in Metalsnab Holding, thus increasing its share in the company to a total of 77.3 percent.
Commenting on the acquisition, Klöckner & Co. AG CEO Dr. Thomas Ludwig said, "Bulgaria is a growing, very interesting market in Eastern Europe. The acquisition of the majority holding in Metalsnab Holding is thus an important step in advancing our activities in Eastern Europe".
The remaining shares will remain under the control of the original shareholders and the acquisition will be subject to approval from the Bulgarian anti-trust authorities.