Hengeler Mueller advises Klöckner & Co on combination with Worthington Steel

Klöckner & Co SE (“Klöckner & Co”) and Worthington Steel GmbH, a wholly owned subsidiary of Worthington Steel, Inc. (together, “Worthington Steel”) yesterday signed a business combination agreement. As part of the transaction, Worthington Steel has announced its intention to launch a voluntary public takeover offer for all outstanding shares of Klöckner & Co SE.

Under the terms of the agreement, Worthington Steel offers €11.00 in cash for each Klöckner & Co share. The implied total enterprise value of the transaction is approximately €2.1 billion (USD 2.4 billion).

Hengeler Mueller advises Klöckner & Co comprehensively on the combination.

Hengeler Mueller team for Klöckner & Co

Corporate/M&A: Oda Christiane Goetzke, Maximilian Schiessl (both partner, both lead), Caspar Haarmann (counsel), Jasmin Atta-Schumacher, Jonas Drögemüller, Oleg Goldschmidt (all associate, all Düsseldorf),

Financing: Nikolaus Vieten (partner, Frankfurt),

Regulatory: Philipp Otto Neideck (partner), Anja Balitzki (counsel) Jan Schülting (senior associate), Larissa Ruch (associate, all Düsseldorf).