Worthington Steel Pursues Klöckner & Co Takeover; Separation of Becker Group Underway

The German steel and metals company Klöckner & Co SE is set to be acquired by Worthington Steel GmbH following completion of a business combination agreement between the two firms. The deal values Klöckner & Co’s equity at approximately 2.1 billion euros, equivalent to roughly $2.4 billion USD.

Transaction Details and Valuation

Under the proposed takeover structure, Worthington Steel is preparing to submit a voluntary public offer targeting all shares held by Klöckner & Co investors. Each share will be valued at 11.00 euros in cash consideration. This pricing reflects a significant markup—approximately 81% above the December 5, 2025 closing price, and roughly 98% above the rolling three-month volume-weighted average calculated through that same date.

Shareholder Support and Commitment

Both the Management Board and Supervisory Board of Klöckner & Co have signaled their intention to back the transaction once formally presented. The major shareholder SWOCTEM GmbH, which controls roughly 41.53% of outstanding shares, has committed through binding tender documentation to participate in the offer. Additionally, members of the company’s management team have pledged to tender their personal shareholdings into the transaction.

Strategic Divestment of Becker Group

Parallel to the takeover process, Klöckner & Co has initiated plans to divest its Becker Group subsidiary, a diversified metals trading platform serving the European flat steel market. The Management Board’s decision follows strategic review of available options for the division. By facilitating this separation, Klöckner & Co intends to position Becker Group to pursue independent industry consolidation opportunities while refocusing its own operations on higher-margin product and service offerings.

The combination of external acquisition and planned divestment represents a substantial reshaping of Klöckner & Co’s corporate structure within the European metals sector.