US-based steelmaker Worthington Steel, Inc. has announced the successful completion of its voluntary public takeover offer for Germany-based steel distributor and metals processing company Klöckner & Co SE.
Following the satisfaction of all closing conditions, Worthington Steel has secured approximately 62 percent of Klöckner’s outstanding shares, giving the company majority ownership and establishing a strategic partnership between the two businesses.
Acquisition supports geographic expansion and portfolio diversification
According to Worthington Steel, the transaction is expected to broaden its product offering, diversify its exposure to end-user markets and expand its geographic footprint.
Klöckner & Co operates one of the largest steel distribution and metals processing networks in Europe and North America, providing Worthington Steel with access to an extensive customer base and established service center operations.
Worthington plans delisting offer for remaining shareholders
Following completion of the takeover offer, Worthington Steel announced its intention to launch a public delisting tender offer for all Klöckner shares not already under its control. The company plans to offer €11.00 per share in cash for the remaining outstanding shares.
According to Worthington Steel, delisting Klöckner from public stock exchanges would reduce the administrative, compliance and regulatory obligations associated with maintaining a listed company while providing greater flexibility to pursue long-term strategic objectives.