European steel maker Arcelor launches bid for Dofasco

Europe’s number one steel producer Arcelor S.A. has launched a hostile bid worth $4.3 billion for Canada’s biggest steelmaker by revenue, Dofasco Inc.

The European steel company announced early Tuesday that it is offering $56 per share, all cash, for Hamilton, Ont.-based Dofasco’s 77.4 million outstanding common shares.

That represents a premium of 27.3 per cent over Tuesday’s closing price of $44.

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