Dofasco and ThyssenKrupp announce friendly, all-cash deal

November 28--Dofasco and ThyssenKrupp today announced they have reached an agreement for ThyssenKrupp to make an offer to acquire all of Dofasco's outstanding common shares in an all-cash transaction for total consideration of approximately C$4.8 billion or C$61.50 per common share.

November 28--Dofasco and ThyssenKrupp today announced they have reached an agreement for ThyssenKrupp to make an offer to acquire all of Dofasco's outstanding common shares in an all-cash transaction for total consideration of approximately C$4.8 billion or C$61.50 per common share. Dofasco's board of directors has resolved to unanimously recommend to Dofasco shareholders that they accept the offer. ThyssenKrupp currently owns no shares in Dofasco.

The offer price represents a 40 percent premium over Dofasco's closing share price on November 22, 2005, the day prior to the announcement by Arcelor of its intention to make an unsolicited offer for Dofasco at C$56.00 per share. It also represents a 9.8 percent premium over the Arcelor bid. ThyssenKrupp expects the acquisition to be accretive to earnings in the first full year of the combination.

Hamilton, Ontario, will become ThyssenKrupp's new North American headquarters for carbon steel.

Because there is little overlap between the two companies, the managements of Dofasco and ThyssenKrupp do not anticipate restructuring involving employees or operations as a result of this transaction.

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