Major shareholder of Salzgitter, GP Günter Papenburg was considering a potential takeover of the German steelmaker with a partner., reported by Reuters.
GP Günter Papenburg has notified the Company that it is considering, together with TSR Recycling GmbH & Co. KG (jointly the “Consortium”), to submit a voluntary public takeover bid to the shareholders of the Company to acquire shares of the Company.
The potential offer will go through if the two-party consortium, consisting of TSR Recycling, reaches a shareholding of at least 45% plus one share (the share they already hold at the company) in Salzgitter.
The company has said in the official statement that further updates on the developments in this regard will be made on its legal obligations. Salzgitter did not disclose the potential price of the offer in its statement yet.
GP Günter Papenburg currently holds a 25.1% stake in Salzgitter, which is slightly below the 26.5% held by the German state of Lower Saxony, based in Salzgitter.