Arcelor increases offer for Dofasco acquisition

Arcelor increases offer for Dofasco acquisition

Luxembourg-based steelmaker Arcelor S.A. announced on Friday that it would increase its offer to buy all of the outstanding common shares of Canadian steelmaker Dofasco Inc to C$63 per share. The offer is higher than Germany's ThyssenKrupp AG's offer of C$61.50 per share. Guy Dollé, CEO of Arcelor, said, "Expansion into North America is a key strategic objective for Arcelor. 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." Arcelor will reveal full details of its offer in its formal take-over bid that is expected to be submitted in the coming days.