ThyssenKrupp withdraws from the bidding war

ThyssenKrupp withdraws from the bidding war

German steelmaker ThyssenKrupp AG announced its decision not to submit a higher offer for the purchase of Canadian steel producer Dofasco Inc. The time limit for ThyssenKrupp to submit a higher than latest offer of Luxembourg-based Arcelor, expired yesterday. Arcelor's latest offer for Dofasco is C$71 per share. Upon the withdrawal of ThyssenKrupp from the bidding war, Arcelor announced agreement to acquire Dofasco.