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Arcelor announces that 98.5% of Dofasco's Common Shares have been deposited to its offer
Arcelor announces that 98.5% of Dofasco's Common Shares have been deposited to its offer.
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[{"type":"text","content":"\n\n\n\n\nLUXEMBOURG, March 8 /CNW/ - Arcelor S.A. announces that an additional\n7,967,623 common shares of Dofasco Inc. (TSX: DFS), including shares deposited\nby guaranteed delivery, were deposited to Arcelor's offer to acquire all of\nthe outstanding common shares of Dofasco for CAD$71.00 in cash per Dofasco\ncommon share between February 20, 2006, the previous expiry date of the offer,\nand 8:00 p.m. on March 7, 2006, the latest expiry date of the offer. To date,\na total of 77,530,766 common shares of Dofasco, representing 98.5% of all\noutstanding Dofasco common shares, have been deposited to Arcelor's offer.\nPayment for all deposited Dofasco common shares, for which payment has not\nalready been made, is expected to be made on or prior to March 10, 2006.\nIts offer for Dofasco having expired, Arcelor intends, as soon as\npermitted, to acquire the remaining Dofasco common shares by means of a\nstatutory compulsory acquisition procedure under the applicable provisions of\nthe Canada Business Corporations Act at the same price as the offer price.\nArcelor also intends, upon acquiring a sufficient number of Dofasco\ncommon shares, to de-list the common shares from the Toronto Stock Exchange.\n\nAbout Dofasco\n\nEstablished in 1912, Dofasco is a leading North American steel solutions\nprovider. Product lines include hot rolled, cold rolled, galvanized,\nExtragal(TM), Galvalume(TM), and tinplate flat rolled steels, as well as\ntubular products, laser-welded blanks and Zyplex(TM), a proprietary laminate.\nDofasco's wide range of steel products is sold to customers in the automotive,\nconstruction, energy, manufacturing, pipe and tube, appliance, packaging and\nsteel distribution industries. The company has additional operations in\nCanada, the United States and Mexico. Dofasco also owns 98.7% of QuDebec\nCartier Mining (QCM). QCM owns and operates the Mont-Wright open pit mine and\na pellet plant at Port-Cartier.\n\nAbout Arcelor\n\nArcelor is the number one steel company in the world with a turnover of\n32.6 billion euros in 2005. The company holds leadership positions in its main\nmarkets: automotive, construction, household appliances and packaging as well\nas general industry. The company - number one steel producer in Europe and\nLatin America - ambitions to further expand internationally in order to\ncapture the growth po...