Klöckner & Co Shares Command Premium as Takeover Deadline Looms

Share price trades 12% above Worthington Steel's initial bid as investors anticipate a higher valuation from a planned domination agreement. A major investor rebuilds its stake.

The clock is ticking down to a midnight deadline, but shareholders in Klöckner & Co are betting on a richer prize than the initial offer on the table. With the stock trading at EUR 12.30, a solid 12 percent above Worthington Steel's EUR 11 per share bid, the market is signaling strong expectations for a more lucrative exit.

This confidence is underscored by a notable move from a major investor. DWS Investment GmbH has significantly rebuilt its position in the steel distributor. After its voting rights briefly plummeted following the return of equity securities on April 7, the asset manager reported receiving new securities by the next day. This pushed its attributable voting rights to 3.83 percent, and with additional instruments, its total control now stands at 3.95 percent, crossing a key regulatory disclosure threshold once more.

The underlying driver of the share price premium is the anticipated next phase of the acquisition. Worthington Steel, which already controls nearly 59 percent of shares after securing a 41.5 percent stake from major shareholder Friedhelm Loh, has outlined plans for a domination and profit transfer agreement (BGAV). German law mandates a fresh company valuation for such a contract, and investors are wagering this appraisal will result in a cash compensation significantly higher than the current offer.

The final acceptance period for Worthington's tender offer concludes at midnight on Tuesday, April 14. Regardless of the outcome, the operational integration is set to accelerate. The upcoming annual general meeting in Düsseldorf on May 20, 2026, is expected to be a pivotal event where Worthington will detail its next strategic moves, including the formal proposal of the BGAV.

For remaining minority shareholders, this legal maneuver is central to their potential returns. Beyond a likely improved one-time payout, a domination agreement would also guarantee them an annual compensatory payment. Should Worthington's stake reach 90 percent, a squeeze-out of remaining shareholders is planned for the second half of the year, aiming for a full delisting from the Frankfurt exchange.

The stock's performance reflects this high-stakes endgame. Shares have gained over 50 percent since the start of the year and have soared nearly 92 percent over a twelve-month period. Key financial reporting dates, including an interim statement on May 6, 2026, and the half-year report on August 5, 2026, will provide further insight into the company's performance under its new majority owner. For now, the market's verdict is clear: the final chapter of this takeover story is expected to be worth more than the first.