Klöckner & Co signed a business combination agreement with Worthington Steel on 15 January 2026, under which the US company would offer €11.00 per share in cash for the Düsseldorf-based steel and metals distributor, implying an enterprise value of about €2.1bn.
Why Worthington Steel, Inc. is buying Klöckner & Co SE
The companies said the combination would create a stronger service-centre and metal-processing business across North America and Europe, with more emphasis on higher value-added products and services. Worthington said it would support Klöckner management's strategy.
“Worthington Steel is the ideal partner to secure our long-term success and competitiveness.”
Deal terms and financing
The offer carried a premium of about 81% to Klöckner's closing price of €6.07 on 5 December 2025 and about 98% to the undisturbed three-month volume-weighted average. SWOCTEM GmbH committed to tender its roughly 41.5% stake. The European headquarters stays in Düsseldorf, Klöckner continues under its current management board and no layoffs or site closures are planned.
Regulatory approvals and timing
Worthington completed the takeover offer on 3 June 2026 after regulatory conditions were met, holding about 62% of the shares, according to Steel Market Update. It then launched a delisting offer at the same price; Klöckner shares left the Frankfurt regulated market on 12 August, and a domination and profit-and-loss transfer agreement was signed on 8 September 2026.
