🏗️ TSR and Papenburg Table €1.1bn Bid for Salzgitter AG

Ferrous recycler TSR, part of Remondis Group, and construction giant Papenburg have submitted a non-binding takeover offer for steel producer Salzgitter AG, valuing the company at €1.1 billion. The consortium’s indicative offer of €18.50 per share marks an 18% premium over the previous closing price. Papenburg, already Salzgitter’s largest shareholder with a 26.7% stake, aims to strengthen its influence and accelerate the company’s shift to green steel. However, opposition from the state of Lower Saxony, which holds a blocking minority, and employee representatives has raised questions about the deal's feasibility. The state government and Salzgitter’s works council remain firm on maintaining the company’s independence, prioritizing employee interests over the proposed acquisition. Discussions are ongoing, with no outcome finalized.