Arcelor offers to acquire Dofasco Inc.

Arcelor SA has announced it will be making an all cash take-over bid for all of the outstanding common shares of Canadian steelmaker Dofasco Inc. for CAD 56.00 per share. The offer will represent a premium of approximately 27.3% over the closing price of Dofasco’s common shares on 22 November 2005, of CAD 44.00, and a premium of approximately 46.4% over the closing price of Dofasco’s common shares on 10 November 2005 of CAD 38.25, the last trading day prior to speculation as reported in the press about a possible acquisition of Dofasco. Guy Dollé, Chief Executive Officer of Arcelor, said the proposed transaction would be Arcelor’s largest investment in North America to date, reflecting Arcelor’s strong confidence in Canada and in Dofasco, its management team and its world-class employees.
Arcelor already has a long-standing relationship with Dofasco, particularly through their joint venture, DoSol Galva Limited Partnership, based in Hamilton, Ontario.

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