ThyssenKrupp Agrees to Buy Dofasco for C$5.26 Bln

It’s Deja Vue all over again.

No, I didn’t post an old article from a few days ago again by mistake.

This is *another* ThyssenKrupp offer to buy Dofasco, part of the Mittal Steel purchase of Arcelor …
ThyssenKrupp AG, four days after saying the purchase of Dofasco Inc. would be too costly, agreed to acquire the Canadian steelmaker for C$5.26 billion ($4.6 billion) as part of Mittal Steel Co.’s hostile bid for rival Arcelor SA.
Arcelor this month agreed to buy Dofasco for C$71 a share, beating an offer from ThyssenKrupp. Mittal today made an unsolicited bid of 18.6 billion euros ($22.7 billion) for Arcelor. If the attempt succeeds, Mittal will sell Dofasco to ThyssenKrupp for C$68 a share, ThyssenKrupp Chief Executive Officer Ekkehard Schulz told 4,600 investors at the company’s annual shareholder meeting in Bochum today.
The sale would be “a good deal” for ThyssenKrupp because it would help the company pursue “promising options in North America,” said Klaus Breil, who helps manage investments of $7.3 billion for Commerzbank AG in Frankfurt.
Shares of ThyssenKrupp in Frankfurt rose 1.64 euros, or 8.1 percent, to 21.95 euros, the biggest percentage increase since March 2000 and the highest price since May of that year. The stock has gained 25 percent this year, valuing the company at 11 billion euros.

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