According to US steel producer Worthington Steel, the company has entered into a business combination agreement with Klöckner & Co, under which Worthington Steel plans to acquire all of the outstanding shares of the German steel distributor through a voluntary public tender offer.
Worthington Steel said that its acquirer, Worthington Steel GmbH, which was created specifically for this transaction, intends to launch a voluntary public offer to acquire all of the 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. Negotiations between the two parties began in December last year, as previously reported by SteelOrbis.
Worthington Steel said completion of the offer would 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 necessary regulatory approvals. The company expects the transaction to be completed in the second half of calendar year 2026.
Worthington Steel said that upon completion of the transaction, the company is expected to become the second-largest steel service center in North America by revenue.
