Management Board and Supervisory Board of the Klöckner Steel Distribution Group & The Co. jointly recommended that shareholders accept Worthington Steel's voluntary public takeover offer, Kallanish notes.
"After a thorough study of the proposal document, the boards of directors independently concluded that this proposal meets the best interests of the company and its stakeholders," the boards of directors said in a joint statement. "In assessing financial adequacy, the Management Board and the Supervisory Board also took into account the opinions of their respective financial advisors, Goldman Sachs Bank Europe and Deutsche Bank. We welcome this offer and recommend it to Klöckner shareholders. & Co. accept the offer of Worthington Steel and put its shares up for auction."
The board members will put up for auction all their shares as part of the offer. In addition, according to the bidder's notice, SWOCTEM GmbH, the largest shareholder of Klöckner & Co. has already put up for auction its entire stake in Klöckner & Co, amounting to approximately 41.53%, they add.
Worthington Steel offers Klöckner shareholders & Co 11 euros ($13) in cash per share. The estimated total value of the company as a result of the transaction is approximately 2.1 billion euros ($2.49 billion).,
The offer price represents a premium of approximately 81% to the closing price of the Klöckner share sale & On December 5, 2025, the last day before the public announcement of negotiations on a public takeover offer for Worthington Steel. And approximately 98% based on the weighted average price of Klöckner shares. & Co for three months without changes as of December 5, 2025.
The Management Board and the Supervisory Board consider the offer price attractive, fair and reasonable.
The application period is expected to end on March 12, 2026. Klöckner shareholders can accept Worthington Steel's takeover offer through their depository bank and contribute their shares to the offer.
Business Combination Agreement signed on January 15, 2026 between Klöckner & Co and Worthington Steel, sets the key parameters of the planned business combination. The purpose of the agreement is to create the basis for sustainable growth through the complementary orientation of both companies and the expansion of their presence in the markets of Europe and North America.
As part of the partnership, Worthington Steel supports Klöckner's strategy & Co., aimed at producing products and services with higher added value, and committed to the long-term development of the group.
Author: Svyatoslav Abrosimov Bulgaria
Kallanish.com
