Shearman & Sterling is representing SWOCTEM GmbH, a wholly-owned subsidiary of Prof. Dr. E.h. Friedhelm Loh, in connection with a voluntary public takeover offer to acquire all outstanding shares of Klöckner & Co. SE against a cash offer price of EUR 9.75 per share. The takeover offer is scheduled to be launched at the end of March, upon review and approval by the German financial supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) and will be subject to customary conditions including antitrust and FDI approvals in the EU and several other jurisdictions. The offer will not contain a minimum acceptance requirement.
SWOCTEM GmbH, a long-term anchor investor currently holding approx. 29.97% of the shares and voting rights of Klöckner & Co. SE, is launching the takeover offer to increase its shareholding to more than 30%, in order to stabilize the legal and economic basis of its strategic investment in the best interest of the company and its stakeholders. Klöckner & Co. SE will continue to be a listed entity.
Klöckner & Co. SE is one of the largest producer-independent distributors of steel and metal products worldwide and a leading steel service company, serving more than 90,000 customers in 13 countries.
SWOCTEM GmbH is a holding company of Prof. Dr. E.h. Loh, holding various significant investments in securities and other assets.