Business
Arcelor acquires 88.38% of Dofasco's Common Shares and extends the expiry time of its offer to March 7, 2006
Arcelor acquires 88.38% of Dofasco's Common Shares and extends the expiry time of its offer to March 7, 2006.
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[{"type":"text","content":"\n\n\n\n\nLUXEMBOURG and HAMILTON, ON, Feb. 21 /CNW/ - Arcelor S.A. and Dofasco\nInc. (TSX: DFS) announce that 69,563,143 common shares of Dofasco including\nshares deposited by guaranteed delivery, representing 88.38% of the Dofasco\ncommon shares outstanding on a fully-diluted basis, were deposited to\nArcelor's offer to acquire all of the outstanding common shares of Dofasco for\nCAD$71.00 in cash per Dofasco common share by the expiry time of the offer on\nFebruary 20, 2006.\nAll of the conditions of the offer now being satisfied, Arcelor's \nwholly-owned subsidiary, 4313267 Canada Inc., has taken up all of the Dofasco\ncommon shares that were deposited to the offer.\nPayment for such Dofasco common shares is expected to be made on or prior\nto February 23, 2006.\nIn order to provide Dofasco shareholders who have not yet accepted the\noffer with more time to do so, Arcelor has extended the expiry time of the\noffer to 8:00 p.m. (Toronto time) on March 7, 2006. A notice of variation for\nthis extension will be mailed to shareholders as soon as practicable and will\nbe made available on SEDAR at www.sedar.com.\n\"Today, Dofasco becomes the centre of Arcelor's growth strategy in North\nAmerica, and cornerstone of our continued worldwide leadership in the market\nfor automotive steel,\" said Guy DollDe, Chief Executive Officer, Arcelor. \"I am\ndelighted to welcome the employees of Dofasco into the Arcelor family and to\nreinforce our commitment to the community of Hamilton.\"\n\"The coming together of our two companies is a partnership that will\ncreate significant, long-term opportunities for growth in an increasingly\ncompetitive global industry,\" said Don Pether, President and Chief Executive\nOfficer, Dofasco. \"We will be positioned to offer our customers an enhanced\nrange of solutions in steel, and thereby to create significant value,\" he\ncontinued.\nArcelor's commitment to sustainable development, employee health and\nsafety and community engagement lies at the heart of the company's strategy.\nArcelor and Dofasco are two of only three steel companies listed on the Dow\nJones Sustainability Index, reflecting the shared values of both companies\nwith respect to people, the environment, and the principles of financial\nsustainability.\n\"Arcelor's leadership as a sustainable corporation is built on local\nleadership an...