BRUSSELS (Reuters) - Arcelor came out victorious in a bidding war for Dofasco on Tuesday when the Canadian steel maker accepted its offer of C$71 per share after German rival ThyssenKrupp withdrew its bid.
In a joint statement, Dofasco said its board had accepted Arcelor's offer in a deal valuing it at C$5.6 billion ($4.9 billion).
Shares in Luxembourg-based Arcelor rose 2.82 percent to 21.50 euros in early Paris trading. In Frankfurt, ThyssenKrupp was up 3.63 percent at 19.40 euros.
"Dofasco's board of directors has resolved to unanimously recommend to Dofasco shareholders that they accept Arcelor's offer," it said.
Originally brought in as a white knight to counter Arcelor's unsolicited bid, ThyssenKrupp was entitled to match the offer by 0500 GMT on Tuesday.
Late on Monday, Dofasco said it had agreed to end its agreement with ThyssenKrupp after the German industrial group waived its right to raise a C$68 per share bid for Dofasco to match Arcelor's higher offer.
ThyssenKrupp is to receive a break fee of C$215 million as part of its agreement with Dofasco.