A&O Shearman advises major shareholder Professor Friedhelm Loh on takeover of Klöckner & Co SE by Worthington Steel

Worthington Steel, a steel processing specialist headquartered in Columbus, Ohio (United States), on January 15, 2026 announced its intention to take over all shares in Klöckner & Co SE at a price of EUR 11.00 per share. In an irrevocable undertaking, Swoctem GmbH committed itself to tender its 41.53% stake in the share capital of Klöckner & Co SE into the takeover offer.

Listed Klöckner & Co SE is one of the largest independent steel and metal processing companies and one of the leading players in the steel service center segment. Swoctem GmbH had built up its shareholding in Klöckner & Co SE to just under 30% over a longer period and increased it to the current 41.53% by way of a public takeover offer in 2023. Professor Friedhelm Loh, holder of 100% of the shares in Swoctem GmbH, is the founder of Friedhelm Loh Group, which includes the switch cabinet manufacturer Rittal, among others.

The A&O Shearman team was jointly led by of counsel Dr. Thomas König and partner Dr. Michael Weiß (both M&A/Corporate, both Frankfurt) and further included senior associate Dr. Veronika Gaile and associates Dr. Lukas Klug (both M&A/Corporate, both Frankfurt) and Dominic Herold (M&A/Corporate, Düsseldorf). Partner Dr. Börries Ahrens and counsel Dr. Ioannis Thanos (both Antitrust, both Hamburg) advised on the merger control aspects of the transaction. Thomas König had previously advised Professor Friedhelm Loh and Swoctem GmbH on the takeover offer for Klöckner & Co SE in 2023 (at the time as a partner with Shearman & Sterling, one of the A&O Shearman legacy firms).