Worthington Steel Advances Kloeckner Takeover With Profit-Transfer Agreement

MT Newswires Live09-09

Worthington Steel (WS) signed a domination and profit-and-loss transfer agreement with German metals distributor Kloeckner through a wholly owned subsidiary, a move that would give Worthington formal control over Kloeckner's operations and finances under German corporate law.

The agreement requires approval from at least 75% of the share capital represented at a Kloeckner shareholder meeting, with an extraordinary general meeting expected on Oct. 23, Worthington said Tuesday in a statement.

If approved and other required steps are completed, the agreement would take effect once it is recorded at Kloeckner's official legal address, no earlier than Jan. 1, 2027, Worthington said.

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