Company Announcements
March 10, 2026
Worthington decreases mandatory share threshold for Kloeckner buy
Written by Kristen DiLandro
Worthington Steel reduced its minimum acceptance threshold to 57.5% for its purchase of Kloeckner & Co.
The Columbus, Ohio-based metals processor originally stated the minimum acceptance threshold for the sale at 65%. Worthington will not increase its purchase price, according to its March 10 statement.
In the same statement, Worthington said it secured 56.9% of Kloeckner’s issued share capital. The original acceptance period expires on March 12, but the expiration date has been pushed to March 26, 2026.
Background
Worthington Steel offered to take over Germany-based metal distributor Kloeckner & Co. in December. The companies signed a takeover deal in January.
The deal would create the second-largest steel service center firm in North America with over $9.5 billion of combined revenue.
Worthington said the offer price implies an enterprise value of $2.4 billion.
