Europe’s Arcelor increases offer to $4.9B for Canadian steelmaker Dofasco

Yahoo! News

Arcelor said it will offer $63 a share, or $4.9 billion, trumping the friendly $61.50-per-share bid Dofasco’s executives arranged with German steel conglomerate ThyssenKrupp AG.

On Friday, investors placed bets that there are more bouts to come, driving Dofasco’s stock (TSX:DFS – news) up 90 cents to $64.80 – above the latest offer.

Arcelor said its proposal will be mailed to Dofasco’s shareholders in coming days.

The Hamilton-based steelmaker’s only response was that “when and if such an offer is made,” its board will consider it.

In a statement on its website, ThyssenKrupp said it has taken note of Arcelor’s announcement and will review the bid before deciding on how to proceed.

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