Reuters: Hot Stocks: Billionaire Knauf out to buy more Kloeckner shares-report

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Billionaire Knauf out to buy more Kloeckner shares-report Feb 21st 2013, 07:40 FRANKFURT | Thu Feb 21, 2013 2:40am EST FRANKFURT Feb 21 (Reuters) - Billionaire investor Albrecht Knauf plans to raise his stake in German steel distributor Kloeckner & Co SE further after taking a stake of almost 8 percent, a German newspaper reported. Daily Handelsblatt cited industry sources as saying Knauf aimed to lift his stake to at least 25 percent but less than 30 percent, the threshold that would require him by law to make a full takeover bid. The paper said that Kloeckner and Knauf Interfer, the company through which Knauf has made his Kloeckner trades, declined to comment. Shares in Kloeckner jumped on Tuesday after Knauf's stake purchase sparked speculation he could be planning a full bid. Knauf at the time did not say if he planned to further increase the stake in Kloeckner or even make a full offer, but said raising his holding to almost 8 percent, thereby becoming Kloeckner's largest shareholder, was part of a drive to further expand in steel trading. ($1 = 0.7490 euros) (Reporting by Ludwig Burger; Editing by Helen Massy-Beresford)

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