AcquisitionsJun 3, 2026, 06:51 AM
Worthington Steel Completes Kloeckner Acquisition, Plans Delisting Offer
AI Summary
Worthington Steel, Inc. has completed its voluntary public takeover offer for Kloeckner & Co SE, securing approximately 60.86% of Kloeckner's outstanding shares. The company accepted 52,389,508 tendered shares at €11.00 each, totaling €576,284,588, funded by a notes offering, term loan, and cash. Worthington Steel intends to launch a Public Delisting Tender Offer for the remaining Kloeckner shares at €11.00 per share and plans to enter into a Domination and Profit and Loss Transfer Agreement to integrate Kloeckner's operations.
Key Highlights
- Worthington Steel completed its voluntary public takeover offer for Kloeckner & Co SE.
- The company now holds 60,710,791 Klöckner Shares, representing approximately 60.86% of total outstanding share capital.
- 52,389,508 Klöckner Shares were tendered for acceptance at €11.00 per share.
- The total aggregate consideration for the tendered shares was €576,284,588.
- The acquisition was funded by net proceeds from notes offering, term loan borrowing, and cash on hand.
- Worthington Steel intends to launch a Public Delisting Tender Offer for remaining Kloeckner shares at €11.00 per share.
- The company plans to negotiate a Domination and Profit and Loss Transfer Agreement (DPLTA) with Kloeckner.
Price Impact
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