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German steel company matches bid for Dofasco

Last Updated: Tuesday, January 3, 2006 | 10:01 AM ET

CBC News

German steelmaker ThyssenKrupp AG has matched a sweetened takeover for Dofasco Inc. from Luxembourg's Arcelor SA.

ThyssenKrupp boosted its offer to $63 per share Tuesday, making its bid worth $4.9 billion for the Hamilton, Ont., steelmaker.

Shares of Dofasco were off 58 cents at $64.40 in morning trading on the TSX.

A flare burns at the Dofasco steel plant in Hamilton, Ont. (CP file photo)

"ThyssenKrupp's decision to increase its offer reflects the quality and strategic value of Dofasco," said Ekkehard Schulz, chairman of the executive board of ThyssenKrupp.

"We will continue to pursue the acquisition of Dofasco, recognizing the significant growth opportunities for our combined North American steel operations," he said.

Dofasco said it still supports ThyssenKrupp's offer.

"The special committee of Dofasco's board of directors is continuing to support the ThyssenKrupp offer in its recommendation to Dofasco shareholders primarily on the basis that it is less conditional than the Arcelor offer, while offering the same cash price to shareholders," said Brian MacNeill, chair of the committee.

Arcelor touched off the bidding for Dofasco (TSX:DFS) back on Nov. 23 when it made an unsolicited $56-per-share bid. ThyssenKrupp followed with a friendly $61.50-per-share bid a week later.

Arcelor sweetened its bid to $63 per share in cash on Dec. 23.

Dofasco had previously agreed to a $100-million break-up fee if it walks away from ThyssenKrupp's friendly bid.

ThyssenKrupp's offer has also been extended to Jan. 25 from the original expiry date of Jan. 10.

Dofasco has a total of 7,400 people on payroll. It is Canada's largest steel company.

This story is now closed to commenting.

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German steel company matches bid for Dofasco

Last Updated: Tuesday, January 3, 2006 | 10:01 AM ET

CBC News

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