ThyssenKrupp: No steal

Following Arcelor’s C$56 a share hostile bid last week, it has not taken Dofasco long to find a white knight. ThyssenKrupp’s C$61.5 cash offer was enough to secure a recommendation from the board of the Canadian steelmaker and represents a 40% premium to Dofasco’s undisturbed share price the day before Arcelor made its bid and a 58% premium to its share price in early November. But if Arcelor’s offer looked pricey, Thyssen’s is even more of a stretch. The German conglomerate can count on few cos...