Worthington Steel Lowers Kloeckner Takeover Threshold to 57.5%
Worthington Steel announced that it has decided to reduce the mandatory threshold of the voluntary takeover offer for Kloeckner to 57.5% and published the related amendment of the offer. Worthington Steel will not increase the offer price or make any further changes to the offer. As a result of reducing the minimum acceptance threshold, the acceptance period originally expiring on March 12 will now expire on March 26. As of March 9, Worthington Steel has secured approximately 56.9% of Kloeckner's issued share capital. The consummation of the voluntary takeover offer remains subject to the fulfilment of the minimum acceptance threshold at the end of the acceptance period. Worthington Steel GmbH, the subsidiary established for the acquisition of Kloeckner, announced the intention to launch an all-cash offer at EUR 11.00 in cash 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 on December 5, 2025. The publication of the corresponding offer document and the start of the offer phase commenced on February 5.
