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Worthington Steel (WS) announces start of acceptance period for all-cash tender offer of EUR 11.00/shr to shareholders of Kloeckner & Co SE

Worthington Steel's all-cash tender offer for Kloeckner & Co at EUR 11.00 per share represents a substantial 98% premium, indicating a strong valuation upside for Kloeckner shareholders.

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Worthington Steel (WS) announces start of acceptance period for all-cash tender offer of EUR 11.00/shr to shareholders of Kloeckner & Co SE

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  • The acceptance period, during which Kloeckner & Co shareholders can tender their shares for an all-cash consideration of EUR 11.00 per share, commences today and ends on March 12, 2026
  • The offer provides Kloeckner & Co shareholders with an attractive opportunity to realize the value of Kloeckner at a significant premium of 98% to the undisturbed three-month volume-weighted average share price on December 5, 2025, subject to the terms and conditions set out in the offer document
  • Kloeckner & Co’s Management Board and Supervisory Board have stated that they welcome the offer and, subject to their review of the Offer Document, intend to recommend acceptance by Kloeckner's shareholders
  • SWOCTEM GmbH, Kloeckner & Co’s largest shareholder, has irrevocably committed to tender its shares into the offer, providing strong shareholder support
Context

The backing from Kloeckner's management and its largest shareholder enhances the likelihood of acceptance, which may signal a shift in consolidation dynamics within the steel sector. This development is likely to attract attention from both equity and commodities investors, as it underscores strategic moves in the industry.

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