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.