TK sues Mittal Steel over foiled Dofasco purchase
Dec 26, 2006 | 02:51 PM
| Scott Robertson
ThyssenKrupp AG, Düsseldorf, Germany, has initiated legal action against Mittal Steel Co. NV in an attempt to force Mittal to comply with a previous agreement to sell Dofasco Inc., Hamilton, Ontario.
The legal action accuses Mittal Steel of breaching an agreement in which Mittal Steel would have sold Dofasco to ThyssenKrupp. The German steelmaker said Tuesday it is taking the action based on legal expertise of "a leading Netherlands-based foundation expert" as well as advice from external legal experts.
The aim of the action "is to secure the release of Dofasco" from the Dutch trust in which it now sits "and allow the sale to ThyssenKrupp," the German steelmaker said in a statement.
ThyssenKrupp lost a bidding war for Dofasco to Arcelor SA, Luxembourg, earlier this year. Dofasco is now owned by the Strategic Steel Stichting, an independent Dutch trust set up by Arcelor as a defense against its own acquisition by Mittal Steel, a deal to which it later agreed.....
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