Worthington Steel Opens EUR 11.00 Delisting Tender Offer for Remaining Kloeckner Shares
WS sits 25% above its 52-week low of $27.22.
Summary
Worthington Steel has launched a public delisting tender offer for the remaining 38% of Kloeckner shares at EUR 11.00 per share, with the acceptance period running from July 15 to August 12, 2026.
Key Events · M&A and Partnerships · WS
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Delisting Tender Offer Launched
A public delisting tender offer has been commenced for all outstanding Kloeckner shares not already held, with a cash consideration of EUR 11.00 per share.
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Acceptance Period Set
The acceptance period runs from July 15, 2026 to August 12, 2026, with no minimum acceptance threshold and no closing conditions.
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Current Ownership at 62%
Following the June 3, 2026 voluntary takeover offer, Worthington Steel holds approximately 62% of Kloeckner's outstanding shares.
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Delisting to Follow
After the offer, Kloeckner shares will be delisted from the Frankfurt Stock Exchange, reducing liquidity and regulatory obligations.
Analysis · WS · Manufacturing
In a move to consolidate full control, Worthington Steel is launching a public delisting tender offer for the 38% of Kloeckner it does not yet own. The all-cash bid of EUR 11.00 per share provides minority holders a clean exit before the stock is removed from the Frankfurt exchange. This follows the June 3 acquisition of a 62% stake and represents the final step toward simplifying the corporate structure while eliminating the costs tied to maintaining a public listing for the subsidiary. The offer carries no conditions and remains open through August 12, 2026.
At the time of this filing, WS was trading at $33.94 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $27.22 to $49.17. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.