Arcelor SA, the Luxembourg firm vying to buy Canada's Dofasco Inc., boosted its dividend by 85 per cent Thursday as part of a plan to thwart a $22-billion (U.S.) takeover attempt by rival Mittal Steel Co.
Arcelor's chief executive said his company would woo its shareholders, who are being courted by Mittal in one of Europe's biggest takeover battles.
“I want to share with shareholders in the beginning of March that the future of Arcelor is bright and that it is in their interest to stay shareholders of Arcelor,” Guy Dolle told Reuters.
On Wednesday, billionaire Lakshmi Mittal, chief executive of Mittal, said he was confident the deal would take place by the end of June.
Separately Wednesday, Canadian regulators approved Arcelor's $5.6-billion (Canadian) offer for Dofasco, Canada's largest steel maker.
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