Klöckner Share Price Surpasses Takeover Bid as Deadline Nears

Worthington Steel's €11/share bid for Klöckner & Co closes March 26, 2026, but shares trade higher at €11.98. Deal success hinges on a major shareholder's 41.5% tender pledge.

The acceptance period for Worthington Steel's acquisition offer for Klöckner & Co concludes tomorrow, March 26, 2026. Market dynamics have already rendered the bid price obsolete, with Klöckner shares recently trading at €11.98, significantly above Worthington's offer of €11.00 per share. This creates an unusual scenario on the eve of the deadline.

Operational Momentum Provides Tailwinds

Klöckner's recent performance is bolstered by a favorable industry backdrop. Germany's raw steel production increased by 4.8% year-over-year in February, reaching approximately 2.8 million tonnes. The steel trade sector saw a 7.6% rise in warehouse sales, driven notably by long products, which surged by 15.9%.

The company itself has strategically shifted focus toward higher-margin processing products, which now account for 44% of group sales. Since the start of the year, Klöckner's share price has advanced by nearly 46%, reflecting both the operational recovery and the premium associated with the takeover speculation.

Deal Mechanics and Shareholder Movements

Despite the market price exceeding the bid, the transaction is still positioned to succeed. This is primarily due to a crucial commitment from major shareholder Friedhelm Loh. His vehicle, SWOCTEM GmbH, has pledged to tender its stake of approximately 41.5%.

By the reference date of March 9, Worthington Steel had already secured 56.9% of Klöckner's share capital. The bidder proactively lowered the minimum acceptance threshold from 65% to 57.5%, making the target mathematically attainable with SWOCTEM's support.

Concurrent with these developments, notable shifts have occurred among other significant holders. JPMorgan reduced its stake from 5.57% to 4.80%, falling below the mandatory reporting threshold of 5%. According to its latest disclosure on February 23, DWS Investment GmbH maintains one of the largest remaining institutional positions with a 6.97% holding.

The final formal decision rests with shareholders as the acceptance period closes.