Salzgitter Faces Takeover Bid - Shareholders Celebrate

Takeover Offer Announced

Salzgitter AG, a German steel and technology company, has announced a takeover offer from Liberty Steel Group, a global steel producer. Liberty Steel has offered to acquire all of Salzgitter's outstanding shares for €46 per share, valuing the company at approximately €2.2 billion.

Shareholders Welcome Offer

Salzgitter's shareholders have welcomed the takeover offer, with many expressing their support for the deal. They believe that Liberty Steel's offer is fair and provides a premium for their shares. The offer represents a 31% premium to Salzgitter's closing price on the day before the offer was announced.

Liberty Steel's Expansion

The acquisition of Salzgitter would be a major step forward for Liberty Steel's expansion strategy. Salzgitter is a leading European steel producer with a strong presence in the automotive and construction sectors. The acquisition would give Liberty Steel access to Salzgitter's advanced steelmaking technologies and its customer base in Germany and other European countries.

Due Diligence Process

The takeover offer is subject to regulatory approvals and due diligence by Liberty Steel. The due diligence process is expected to take several weeks to complete. If the due diligence is satisfactory, Liberty Steel will make a formal offer to Salzgitter's shareholders.

Deal Expected to Close in Q4 2023

If the takeover offer is approved by Salzgitter's shareholders and regulators, the deal is expected to close in the fourth quarter of 2023. The combined company would be one of the largest steel producers in Europe, with a production capacity of over 20 million tonnes per year.