ThyssenKrupp beats retreat in battle to buy Dofasco

0 Comments | AFP, January, 2007

DUESSELDORF, Germany (AFP) — ThyssenKrupp, the German heavy industry and steel giant, has appeared to concede defeat in its long-running battle to take over Canadian steel maker Dofasco. "The prospects of ThyssenKrupp taking over Dofasco have now been severely reduced," the German group said Tuesday after a Dutch court rejected its application for Mittal-Arcelor to be forced to hand over Dofasco.

At the beginning of 2006, ThyssenKrupp and Arcelor had fought a bitter battle to get their hands on Dofasco, a leading player in the North American auto steel market. Dofasco had viewed Arcelor's approach as hostile and had called on ThyssenKrupp to come to its rescue. But Arcelor finally won, only to become the target of a hostile takeover itself by Mittal Steel. ThyssenKrupp...