German heavy industry giant ThyssenKrupp said it was launching an amicable takeover bid worth 3.5 billion euros (4.1 billion US dollars, 4.8 billion Canadian dollars) for Canadian steel maker Dofasco.
"Our executive board today (Monday) resolved to submit a friendly takeover bid for 100 percent of the Canadian steel producer Dofasco Inc. at a cash price of 61.50 Canadian dollars per share," ThyssenKrupp said in a statement.
ThyssenKrupp’s bid follows on from an initial hostile bid from Arcelor of 3bn euros reported last week. Arcelor are said to be studying this latest development.
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