US-based Worthington Steel has prepared contingency plans in case its €2.4 billion takeover bid for German metals distributor Klöckner & Co SE does not secure the required shareholder support before the offer deadline.
The company has launched a voluntary all-cash tender offer to acquire all outstanding shares of Klöckner at €11 per share, representing a premium over the company’s recent market valuation. The offer requires a minimum acceptance threshold of 65 per cent of shares for the transaction to proceed, with the deadline set for mid-March.
Worthington Steel’s leadership has expressed confidence in achieving the required level of shareholder participation. However, the company has indicated that it has evaluated multiple acquisition opportunities as part of its broader growth strategy and is prepared to pursue alternative targets if the Klöckner transaction does not move forward.
The proposed acquisition is aimed at expanding Worthington Steel’s footprint in the global metals distribution and processing sector, strengthening its presence across Europe while complementing its existing operations in North America.
Regulatory approvals and shareholder participation remain key milestones for the deal’s completion. If the minimum acceptance condition is not met, Worthington Steel is expected to redirect capital toward other strategic investments aligned with its long-term expansion plans.