Arcelor extends offer for Canadian steelmaker Dofasco

0 Comments | AFP, February, 2006

PARIS (AFP) — Arcelor, the world's second largest steelmaker, said it was extending its 3.95-billion-euro (4.73-billion-dollar) takeover bid for Canadian peer Dofasco from February 9 to 20.

Luxembourg-based Arcelor, which is itself the target of a hostile takeover bid by world number one Mittal Steel, said in a statement it was postponing the deadline for its offer to buy all Dofasco's shares "so that approval from the regulatory authorities can be obtained in time".

Arcelor succeeded on January 24 in winning a two-month battle with German rival ThyssenKrupp to buy Dofasco, the biggest Canadian steel-maker.

The Dofasco board said it would unanimously recommend to shareholders that they accept Arcelor's offer of 71 Canadian dollars per share.

Dofasco...