Klöckner & Co SE Agrees to Business Combination with Worthington Steel

Klöckner & Co SE has entered a business combination agreement with Worthington Steel, proposing a voluntary public takeover offer at EUR 11.00 per share. The offer requires at least 65% acceptance and regulatory approvals. Klöckner's management and supervisory boards support the offer, planning to recommend acceptance post-review.

Worthington Steel backs Klöckner's strategy, with no planned layoffs or site closures. The company's European headquarters will remain in Düsseldorf. Post-transaction, Worthington aims for supervisory board representation.

SWOCTEM GmbH, holding a 41.53% stake in Klöckner, commits to tender its shares. The bidder may explore further strategic moves like a squeeze-out or delisting after the takeover's success.