Worthington Steel Completes Kloeckner Acquisition, Plans Delisting Tender Offer
WS sits 78% above its 52-week low of $24.225.
Summary
Worthington Steel has completed its acquisition of German metals trader Kloeckner & Co SE, securing a majority stake, and announced its intention to launch a delisting tender offer for the remaining shares at €11.00 each.
Key Events · M&A and Partnerships · WS
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Kloeckner Acquisition Completed
Worthington Steel, Inc. officially completed its voluntary public cash takeover offer for Klöckner & Co SE on June 3, 2026, following months of strategic maneuvers and financing efforts.
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Majority Stake Secured
The company now holds 60,710,791 Klöckner Shares, representing approximately 60.86% of Klöckner's total outstanding share capital, with tendered shares valued at €576.3 million.
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Delisting Tender Offer Planned
Worthington Steel intends to launch a Public Delisting Tender Offer for all remaining Klöckner shares at €11.00 per share, aiming to reduce administrative burdens and gain greater operational flexibility.
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Path to Full Integration
The company plans to enter into a Domination and Profit and Loss Transfer Agreement (DPLTA) with Klöckner, which would provide full control over Klöckner's management and obligate profit transfer, in exchange for compensating minority shareholders.
Analysis · WS · Manufacturing
This filing marks the successful completion of Worthington Steel's strategic acquisition of German metals trader Kloeckner & Co SE, a major milestone that significantly expands its global footprint and product portfolio. The company has secured a majority stake and, importantly, announced its intention to fully integrate Kloeckner by launching a delisting tender offer for the remaining shares. This move, if successful, will grant Worthington Steel full operational control and profit transfer rights through a Domination and Profit and Loss Transfer Agreement (DPLTA), streamlining future operations but also requiring compensation for Kloeckner's minority shareholders.
At the time of this filing, WS was trading at $43.00 on NYSE in the Manufacturing sector, with a market capitalization of approximately $2.2B. The 52-week trading range was $24.23 to $49.17. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.