Arcelor/Dofasco Creeping up

Arcelor is not giving up on Dofasco. The Paris-listed steelmaker has raised its original C$56 per share bid for its Canadian rival by 12.5%, to C$63. But the new E3.5bn (C$4.9bn) offer is hardly a knockout bid. It is only 2.4% above the rival offer from ThyssenKrupp, which has been recommended by Dofasco’s board. And it is below Dofasco’s current $64 share price. ThyssenKrupp is studying the situation, but the German company is unlikely to be scared away by so little money. After all, its own o...