According to US-based steelmaker Worthington Steel, the company has entered into a business combination agreement with Klöckner & Co, under which Worthington Steel plans to acquire all outstanding shares of the Germany-based steel distributor through a voluntary public tender offer.
Worthington Steel stated that its acquisition vehicle, Worthington Steel GmbH, which was established specifically for this transaction, intends to launch a voluntary public offer to acquire all outstanding shares of Klöckner & Co. Klöckner & Co is the target company, while Worthington Steel will become the future controlling owner upon completion of the transaction. The negotiations between the two parties began in December last year, as previously reported by SteelOrbis.
Worthington Steel stated that completion of the offer will be subject to a minimum acceptance threshold of 65 percent of Klöckner & Co’s issued share capital at the end of the acceptance period, as well as the receipt of all required regulatory approvals. The company expects the transaction to be completed in the second half of the calendar year 2026.
Worthington Steel stated that, once completed, the transaction is expected to position the company as the second-largest steel service center company in North America by revenue.
