ThyssenKrupp Agrees to Acquire Dofasco

ThyssenKrupp, Germany’s largest steel maker, agreed to buy Dofasco Inc. for 4.8 billion Canadian dollars ($4.1 billion) after the Canadian steel company asked it to top a hostile bid from Arcelor.

ThyssenKrupp is offering 61.50 Canadian dollars ($52.59) a share in cash, 10% more than offered by Luxembourg-based Arcelor.

Buying Hamilton, Ontario-based Dofasco, whose customers include Ford Motor Co., would give ThyssenKrupp a 10% share of North America’s automotive steel market.