Arcelor raises bid for Dofasco
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Arcelor SA has raised the stakes in the bidding war for Dofasco Inc., offering $4.9 billion for the Hamilton, Ont., steelmaker.
The new offer from Luxembourg-based Arcelor tops a $4.8 billion friendly bid from Germany's ThyssenKrupp AG.
Arcelor's sweetened offer is for $63 per share in cash, while ThyssenKrupp's bid values Dofasco (TSX:DFS) at $61.50.
Arcelor touched off the bidding for Dofasco back on Nov. 23 when it made a $56-per-share bid.
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Shares of Dofasco rose 81 cents on the TSX to hit $64.71.
"Expansion into North America is a key strategic objective for Arcelor," said Guy Dollé, Arcerlor's CEO, in a statement.
"We believe that Arcelor is an excellent partner for Dofasco. As a partner of the Arcelor group, Dofasco will become a stronger, more competitive steel producer on the North American steel market," he said.
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