ThyssenKrupp raises bid for Dofasco to CA$68 a share

ThyssenKrupp raises bid for Dofasco to CA$68 a share

ThyssenKrupp has once again raised its bid for Canadian steelmaker Dofasco, this time offering $68 Canadian per share. ThyssenKrupp last raised its bid early this month to CA$63 per share, matching the competitive bid from Arcelor, the world’s second largest steelmaker. Arcelor desperately wants to claim Dofasco as its own to expand its operations and increase sales in North America’s automotive steel market. Dofasco favors ThyssenKrupp, and the Dofasco board has renewed its commitment to the German industrial conglomerate by recommending that Dofasco shareholders accept ThyssenKrupp’s latest offer. Dofasco has also agreed to increase the break fee from CA$100 million to CA$215 million, should the offer not be completed within certain parameters. A French daily reported Arcelor had been considering a joint offer with its United States peer, Nucor. The industry giant refused to comment, however, records filed with Canadian regulators show that Arcelor considered partnering with Nucor just before its last hostile offer in November.