WS News & Events

Worthington Steel (WS) announced the result of the initial acceptance period of its voluntary public tender offer for Kloeckner & Co (KLKNF). At the expiration of the initial acceptance period on March 26, the minimum acceptance threshold of 57.5% has been exceeded and the corresponding offer condition has been satisfied. Worthington Steel has secured approximately 58.8% of Kloeckner & Co's issued share capital, including shares tendered into the offer and shares or other instruments providing voting rights in Kloeckner acquired by Worthington Steel GmbH, a wholly owned subsidiary of Worthington Steel. Kloeckner shareholders who have not yet accepted the offer may do so during the additional acceptance period, which will commence on April 1 and expire on April 14. Completion of the Offer remains subject to receipt of certain regulatory approvals and is expected to occur in the second half of 2026. On March 27, Worthington Steel informed Kloeckner about its firm intention to enter into a domination and profit and loss transfer agreement with Kloeckner & Co immediately after completion of the Offer and Kloeckner published an ad hoc announcement to this effect on the same day. Worthington Steel is confident that it will secure the required majority at the general meeting to approve the conclusion of the DPLTA. In addition, Worthington Steel intends to evaluate, subject to market conditions and acceptance levels, the implementation of structural measures, including a potential delisting of Kloeckner or a squeeze-out of minority shareholders, to the extent legally permissible and economically appropriate following the completion of the transaction. Worthington Steel GmbH, the subsidiary established for the acquisition of Kloeckner, announced the intention to launch an all-cash offer of EUR 11.00 per share for all outstanding shares of Kloeckner on January 15. This represents a premium of 98% to the undisturbed three-month volume-weighted average share price of Kloeckner as of December 5. The offer document was published on February 5, and the amendment to the offer was published on March 10. The Management Board and Supervisory Board of Kloeckner have assessed the offer and the amendment as attractive, fair and appropriate and recommend that Kloeckner shareholders accept the offer.

The major averages were broadly lower near noon amid a sharp increase in oil prices and bond yields following the latest developments out of the Middle East. Brent crude pushed back above $105 per barrel after Iran rejected ceasefire proposals, with tensions around the Strait of Hormuz intensifying. Markets are firmly back in risk-off mode as the brief relief trade from earlier in the week gives way to renewed escalation in the Middle East and a fresh surge in energy prices.In response to Iran's rejection, President Donald Trump took to social media to say that Iran "better get serious soon," going so far as to label Iranian negotiators as "very different" and "strange." Meanwhile, Gulf countries issued a joint statement condemning Iran's "criminal" strikes from Iraqi territory on their energy infrastructure.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Corebridgeand Equitable Holdingsin an all-stock mergerMemory stocks, including Micronand Sandisk,amid concerns about Google'scompression techniqueJefferiesreportedthat were buoyed by investment banking, but marred by losses on loans to collapsed companies First Brands and MFSMillerKnollreportedand provided a conservative outlook for Q4Worthington Steelreported2. WALL STREET CALLS:NeedhamArmto Buy with "high-stake bets" paying offAdobewith Market Perform from Outperform at William BlairQualcommto Market Perform from Outperform at BernsteinRobinhoodwith a Buy at JefferiesDaiwa sees Spotifymaintaining high growth,at Outperform3. AROUND THE WEB:President Trump has named MetaCEO Mark Zuckerberg, OracleExecutive Chairman Larry Ellison, NvidiaCEO Jensen Huang, and others to the Council of Advisors on Science and Technology, co-chaired by David Sacks, WSJ saysNvidiabacked startup Reflection is in discussions to raise $2.5B at a valuation of $25B, WSJ saysWorsening supply constraints of Inteland AMDCPUs are adding a fresh blow to PC and server makers already hammered by an unprecedented memory chip shortage, Nikkei Asia saysThe release of Meta'snew Ray-Ban smart glasses in the European Union has been hampered by battery and AI regulations as well as supply constraints, Bloomberg reportsFannie Maewill soon accept crypto-backed mortgages, a new product from Better Home & Financeand Coinbasethat allows home buyers to pledge crypto when making a down payment, WSJ says4. MOVERS:Olaplexincreases after announcing it will befor $2.06 per share in cashKodiak Sciencesgains after announcements its GLOW2 study of ZenkudaNavanhigher afterand providing guidance for Q1 and FY27Wave Life Scienceslower afterfrom the INLIGHT trialPony AIfalls after, with revenue lower year-over-year5. EARNINGS/GUIDANCE:Lovesacand provided guidance for Q1 and FY27Commercial Metals, with CEO Peter Matt commenting, "The CMC team delivered another strong quarter"Designer Brands, with EPS beating consensusShoe Carnivaland provided guidance for FY26, with interim CEO Cliff Sifford commenting, "Q4 results exceeded consensus expectations"H.B. Fullerand raised its guidance for FY26INDEXES:Near midday, the Dow was down 0.45%, or 206.73, to 46,222.76, the Nasdaq was down 1.04%, or 228.92, to 21,700.91, and the S&P 500 was down 0.79%, or 51.85, to 6,540.05.

Stock futures are pointing lower ahead of the open, signaling a weaker start to the session. The decline follows a sharp move higher in oil, with Brent crude pushing back above $105 per barrel after Iran rejected ceasefire proposals and tensions around the Strait of Hormuz intensified. Markets are firmly back in risk-off mode as the brief relief trade from earlier in the week gives way to renewed escalation in the Middle East and a fresh surge in energy prices.Global equities are lower across Asia and Europe, reversing the recent rebound, while the dollar is strengthening and gold is failing to attract consistent safe-haven demand. This combination points to tightening financial conditions rather than a typical defensive rotation. Bond markets also are showing signs of stress, with rising volatility and weaker liquidity conditions, indicating that the impact is no longer isolated to equities.In pre-market trading, S&P 500 futures fell 0.93%, Nasdaq futures fell 1.13% and Dow futures fell 0.83%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Kodiak Sciencesup 50% after reporting its GLOW2 Phase 3 superiority study of Zenkuda for the treatment of patients with diabetic retinopathy met its primary and secondary endpointsCorebridgeand Equitable Holdingsboth up 1% after the companies announced that they have entered into a definitive agreement to combine in an all-stock merger, valuing the combined company at approximately $22BUP AFTER EARNINGS -Noodles & Companyup 19%Navanup 19%Lovesacup 12%DOWN AFTER EARNINGS -MillerKnolldown 21%Worthington Steeldown 14%Designer Brandsdown 9%Commercial Metalsdown 3%