Worthington Steel will buy Kloeckner & Co for $2.4 billion

Santamarina y Steta is pleased to highlight the signing of a business combination agreement between Worthington Steel and Klöckner & Co, under which Worthington Steel announced its intention to launch a voluntary public tender offer for all outstanding shares of Klöckner & Co.

The combination aims to create one of the leading metal processing and service centers in North America and Europe, with Worthington Steel supporting Klöckner & Co's management and strategy focused on higher value-added products and services. SWOCTEM GmbH has committed, through an irrevocable tender agreement, to contribute its approximately 41.53% stake, and the offer is subject to customary closing conditions, including regulatory approvals and a minimum acceptance threshold of 65%, with closing expected in the second half of 2026.

Santamarina y Steta served as legal counsel to Worthington Steel in Mexico, led by partner César Cruz and associate Lisa Carral Flores. Latham & Watkins LLP acted as lead legal counsel to Worthington Steel.