A&O Shearman, White & Case Advise on €1.2B Public Takeover of German Steel Giant Salzgitter
A domestic consortium offered a price of €18.50 for the troubled steel giant—but industry figures warned of market dominance.
February 04, 2025 at 04:00 AM
3 minute read
A&O Shearman is advising Germany’s Salzgitter AG, one of the largest steel firms in Europe, on a possible public takeover by a domestic consortium made up of TSR Recycling GmbH, advised by White and Case, and construction giant GP Günter Papenburg Aktiengesellschaft, advised by local firm Roser Rechtsanwälte.
The consortium submitted a non-binding offer to Salzgitter’s executive board, citing an indicative offer price of €18.5 per share, which would make the takeover worth €1.2billion. Shares were priced at €15.73 when the consortium announced its intentions and have now risen to €17.48.
Salzgitter and the domestic consortium are still in discussions. The consortium was not interested in a hostile takeover, a source close to the deal said.
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