ThyssenKrupp takes the lead in fight for Dofasco
Germany's ThyssenKrupp AG has raised its bid for Canadian steelmaker Dofasco to CA$63 (US$54.23) per share, matching the latest competing offer from steel giant, Arcelor SA.
The companies' competing cash offers are now equal, each totaling CA$4.88 billion (US$4.2 billion), however, the bids do not hold equal weight with Dofasco.
Dofasco Chairman Brian MacNeill said today, "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."
ThyssenKrupp Chief Executive Ekkehard Schulz stated today that the company will continue to pursue Dofasco, as it would provide the significant growth opportunities for is North American operations.
Luxembourg-based Arcelor has yet to comment on ThyssenKrupp's latest move.