American steel company Worthington Steel, Inc. announced the successful completion of its voluntary public takeover of German steel distributor and metal processing company Klöckner & Co SE.
Following the satisfaction of all closing conditions, Worthington Steel has acquired approximately 62 percent of the outstanding shares of Klöckner, giving a majority stake in the company and establishing a strategic partnership between the two entities.
The acquisition supports geographic expansion and portfolio diversification
Worthington Steel said the transaction is expected to expand its product offering, diversify its presence in end-user markets and expand its geographic footprint.
Klöckner & Co operates one of the largest steel distribution networks and metal processing in Europe and North America, giving Worthington Steel access to an extensive customer base and established services. central operations.
Worthington plans delisting offer for remaining shareholders
Following the completion of its takeover offer, Worthington Steel announced its intention to launch a public tender to delist all Klöckner shares not already under its control. The company plans to offer €11.00 per share in cash for the remaining outstanding shares.
Worthington Steel believes that delisting Klöckner from public stock exchanges will reduce the administrative, regulatory and regulatory obligations associated with maintaining a listed company, while providing greater flexibility to achieve long-term strategic goals.
