Billionaire Klaus-Michael Kühne has increased his stake in chemicals retailer Brenntag.
He now has a good 10 percent of the voting rights through his holding company, according to a statement by the DAX group on Friday evening after the stock market closed. Previously, his share was just under 5.2 percent.
Brenntag’s management is under pressure from activist investors who favor splitting up the group. As a reaction to this, Brenntag initially wants to set up the two divisions Essentials and Specialties more independently. Kühne has become rich primarily with his logistics group Kühne+Nagel, but has recently also become Lufthansa’s largest shareholder.
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