ThyssenKrupp raises bid for Dofasco

0 Comments | AFP, January, 2006

BERLIN (AFP) — German industrial conglomerate ThyssenKrupp said it would raise its bid for Canadian steelmaker Dofasco and extend the offer until January 26, in a move to beat its European rival Arcelor.

The new offer at 68 Canadian dollars per share (56 US dollars, 48 euros) exceeds Arcelor's hostile bid of 63 Canadian dollars, and adds a new twist to the bidding war for Dofasco that has been raging since November.

Both ThyssenKrupp and Arcelor, the world's second-biggest steel company, are eager to acquire the Hamilton, Ontario-based firm, which is a major supplier to the North American auto industry.

Dofasco also holds 10 years of iron ore reserves via its stakes in Quebec Cartier Mining and Wabash Resources.

Dofasco's management is expected...