Worthington Steel has exceeded the minimum acceptance threshold in its voluntary public tender offer for German steel and metal distributor Kloeckner & Co SE, marking a decisive step in its planned acquisition.
At the close of the initial acceptance period on 26 March, Worthington Steel secured approximately 58.8% of Kloeckner’s issued share capital, surpassing the required 57.5% threshold, Kallanish determines from company statement. This total includes both shares tendered into the offer and voting instruments held by Worthington Steel GmbH, the wholly owned German subsidiary established for the transaction.
“We are pleased with the strong support from shareholders during the initial acceptance period, which brings us an important step closer to completing the transaction,” says Geoff Gilmore, Worthington Steel president and chief executive.
The company confirms that shareholders who have not yet accepted may still participate during the additional acceptance period, open through 14 April.
“As we enter the additional acceptance period, we are delighted to provide shareholders with another opportunity to participate in the offer.” says Gilmore.
Worthington Steel announced its intention to acquire Kloeckner in January through an all‑cash offer of €11/share ($12.70/share), representing a 98% premium over Kloeckner’s undisturbed three‑month volume‑weighted average price as of 5 December. The offer document was published on 5 February and amended to a lower threshold on 10 March.
Following completion of the transaction, Worthington plans to pursue a domination and profit and loss transfer agreement (DPLTA) with Kloeckner. The deal remains subject to regulatory approval, with completion expected in the second half of 2026.
Worthington Steel, based in Columbus, Ohio, is one of North America’s largest metals processors with 37 facilities in seven US states and ten countries. The company specialises in carbon flat‑rolled steel, electrical steel laminations and tailor‑welded solutions, supporting automotive, energy and industrial markets.
Kloeckner, headquartered in Duisburg, Germany, is a major producer‑independent steel and metal distributor with a network of about 110 service and warehouse sites across North America and within the EU, Germany, Austria and Switzerland.
Both companies serve thousands of customers and each employs about 6,000 people. An acquisition integration plan and its effect on the workforce has not yet been established.
