Worthington Steel completes acquisition of controlling stake in Klöckner & Co
The American steel company Worthington Steel, Inc. Announced the successful completion of a voluntary public takeover offer for German steel distributor and metalworking company Klöckner & Co SE.
After fulfilling all the terms of the deal, Worthington Steel acquired about 62% of Klöckner's outstanding shares, giving the company a controlling stake and establishing a strategic partnership between the two companies.
The acquisition contributes to the geographical expansion and diversification of the portfolio
According to Worthington Steel, the deal is expected to expand its product range, diversify its presence in end-user markets, and expand its geographic footprint.
Klöckner & Co operates one of the largest steel and metalworking distribution networks in Europe and North America, providing Worthington Steel with access to an extensive customer base and well-established service centers.
Worthington plans to make a delisting offer for the remaining shareholders
Following the completion of the takeover deal, Worthington Steel announced its intention to hold a public tender to de-list all shares of Klöckner that are not yet under its control. The company plans to offer cash at 11.00 euros per share for the remaining outstanding shares.
According to Worthington Steel, removing Klöckner from the list of public stock exchanges will reduce the administrative and regulatory obligations associated with maintaining a listed company and provide greater flexibility to achieve long-term strategic goals.
Author: Stilorbis
Steelorbis.com