Worthington Steel Finalizes Acquisition of Kloeckner & Co and Plans Delisting Offer

Worthington Steel, Inc. announced the successful completion of its voluntary takeover of Kloeckner & Co SE, securing roughly 62% of its shares. The acquisition aims to strengthen the strategic partnership, enhancing product diversity and geographical reach. Worthington Steel anticipates operational efficiencies and shared best practices will emerge.

Geoff Gilmore, Worthington Steel's President and CEO, described this as a significant milestone, emphasizing the synergy with Kloeckner's capabilities. Kloeckner's CEO, Guido Kerkhoff, highlighted the strategic focus on high-value products and services, particularly in North America and Europe.

Worthington Steel announced plans for a Delisting Tender Offer for remaining Kloeckner shares, offering EUR 11.00 per share. The delisting seeks to reduce administrative burdens and increase strategic flexibility, but may impact share liquidity.