Arcelor may place third bid for Dofasco

Arcelor may place third bid for Dofasco

The future of Canadian steelmaker Dofasco is still undecided as the bidding war between Germany’s ThyssenKrupp AG and Luxembourg’s Arcelor SA continues, with Arcelor expected to make the next bold move. Arcelor may make its third bid for Dofasco, trumping the current matched bid of CA$63 (US$54.87) per share. According to analyst Ronald Mayers of Montreal-based Desjardin Securities Inc, Arcelor has indicated that it will bid as much as CA$65 per share. Credit Suisse analysts estimate they may even offer up to CA$67 in an effort to set an unmatchable bid. Each company hopes to gain control of a 10 percent share of the North American automotive steel market, currently dominated by Mittal Steel Co. ThyssenKrupp will receive a CA$100 million break-up fee if Arcelor reigns supreme and wins the bidding war for Dofasco.