Klöckner Shares Surge to Highest Level in Three Years on Acquisition News

Klöckner & Co's stock hits a 3-year high as the market expects a higher final valuation for minority shareholders following Worthington Steel's controlling stake acquisition.

Klöckner & Co SE's equity has reached a fresh three-year peak, trading significantly above the official takeover bid price. The shares recently hit €12.10, marking a notable premium of approximately 10% over the €11.00 per share offer from Worthington Steel. This surge follows the formal conclusion of the acquisition process.

Market Anticipates Improved Terms for Remaining Shareholders

The tender offer by Worthington Steel expired on March 26, 2026. By the deadline, tendered shares represented 49.44% of Klöckner's share capital. Combined with stakes already held, this secures Worthington Steel the controlling interest it sought. Subsequently, Worthington Steel GmbH confirmed via an ad-hoc announcement its intention to implement a domination and profit transfer agreement.

This procedural step is fueling investor speculation. German law mandates compensation rules for remaining minority shareholders, which will be determined based on a pending formal company valuation. The current share price, holding firmly above the initial bid, clearly indicates market expectations for a final valuation exceeding the original €11.00 offer. Final approval from Klöckner's shareholder meeting is still pending.

Valuation Stretches Far Above Historical Norms

The stock's performance has been exceptional. Since its low in November 2025, the share price has more than doubled. It now trades over 58% above its 200-day moving average—a technical indicator underscoring the extraordinary nature of this rally. While many sector peers have struggled with volatile raw material costs and broader economic concerns, Klöckner's trajectory is being driven almost exclusively by the takeover dynamics.

Looking ahead, the company's management board forecasts a significantly higher EBITDA before special effects for 2026. This projected improvement is attributed to ongoing portfolio optimization and the divestment of US locations. The outcome of the pending enterprise valuation, a cornerstone of the domination agreement process, is likely to serve as the critical anchor for the stock's future direction.