ThyssenKrupp expects Mittal to honour Dofasco deal

ThyssenKrupp AG said it expects Mittal Steel to honour the agreement reached in January under which the German steel maker would acquire Arcelor’s recently acquired Dofasco in the event of a successful takeover of Arcelor by Mittal Steel. A company statement said “ThyssenKrupp assumes that Mittal Steel will honour this commitment and complete the disposal immediately following closing of the Arcelor transaction.” Arcelor remains opposed to the idea of selling Dofasco. But industry sources said Mittal is holding on to its plans to sell Dofasco and that this issue will be discussed when the two companies hold their first joint meeting to thrash out the details of their merger. An Arcelor shareholder vote is scheduled for 30 June, after which Mittal and Arcelor said they will revisit the Dofasco issue. The price was at the time set at CDN 68 per share.

 

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