STUTTGART/HANOVER, Germany, Sep 4 (Reuters) - German lubricant maker Fuchs Petrolub has denied a press report it is preparing to take a stake in German specialty chemicals maker H&R Wasag.
'This is completely groundless,' a Fuchs Petrolub spokesman said on Friday.
German weekly Euro am Sonntag earlier reported Fuchs Petrolub would be interested in taking a stake in the company, citing sources close to H&R Wasag.
Shares in H&R Wasag were up 2.1 percent at 1408 GMT, paring previous gains of as much as 8 percent, while Fuchs Petrolub was 1.6 percent higher.
H&R's Chairman Bernd Guenther told Reuters that the company had no knowledge of Fuchs Petrolub being interested, adding that it would remain independent.
'We have a stable circle of shareholders, holding more than 50 percent (in H&R Wasag) with no interest in selling,' he said.
However, Guenther said that the company had noticed 'huge buying interest' in its shares.
'But we are not aware of who the interested party is,' he added.
Fuchs Petrolub had previously said that acquisitions were possible this year despite the economic downturn.
The company competes with Quaker Chemical Corp as well as units of oil companies such as Royal Dutch Shell and Russia's LUKOIL .
(Reporting by Hendrik Sackmann in Stuttgart and Arno Schuetze in Hanover) Keywords: FUCHSPETROLUB H&RWASAG/M&A (christoph.steitz@thomsonreuters.com; +49 69 7565 1269; Reuters Messaging: christoph.steitz.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'This is completely groundless,' a Fuchs Petrolub spokesman said on Friday.
German weekly Euro am Sonntag earlier reported Fuchs Petrolub would be interested in taking a stake in the company, citing sources close to H&R Wasag.
Shares in H&R Wasag were up 2.1 percent at 1408 GMT, paring previous gains of as much as 8 percent, while Fuchs Petrolub was 1.6 percent higher.
H&R's Chairman Bernd Guenther told Reuters that the company had no knowledge of Fuchs Petrolub being interested, adding that it would remain independent.
'We have a stable circle of shareholders, holding more than 50 percent (in H&R Wasag) with no interest in selling,' he said.
However, Guenther said that the company had noticed 'huge buying interest' in its shares.
'But we are not aware of who the interested party is,' he added.
Fuchs Petrolub had previously said that acquisitions were possible this year despite the economic downturn.
The company competes with Quaker Chemical Corp as well as units of oil companies such as Royal Dutch Shell and Russia's LUKOIL .
(Reporting by Hendrik Sackmann in Stuttgart and Arno Schuetze in Hanover) Keywords: FUCHSPETROLUB H&RWASAG/M&A (christoph.steitz@thomsonreuters.com; +49 69 7565 1269; Reuters Messaging: christoph.steitz.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.