Vossloh AG, Germany’s biggest supplier of concrete railroad ties, rose to an 11-week high after Heinz Hermann Thiele, owner of brakemaker Knorr Bremse AG, increased his stake.
Vossloh jumped as much as 3.9 percent to 71.90 euros, the highest intraday price since May 3, and traded up 2.1 percent at 4:25 p.m. The stock has risen for three consecutive days, valuing the manufacturer at 942 million euros ($1.15 billion).
Thiele raised his ownership in Vossloh to 20.22 percent, the company said in a statement yesterday. That compares with his holding of 19.5 percent in early 2012, according to Vossloh’s 2011 annual report.
“It is unlikely that Thiele is going to take over the company as the Vossloh family is committed to the company as well,” Chris Armstrong, a London-based equity sales specialist at Berenberg Bank’s industrial unit, said today by phone. “He needs the approval of the family.”
Thiele’s move is a “long-term strategic investment in Vossloh,” the Werdohl, Germany-based company said in yesterday’s statement.
Knorr Bremse is a closely held manufacturer based in Munich. Thiele couldn’t be immediately reached for comment.