Paris: European steel giant Arcelor said it has acquired 98.5 per cent of Canadian rival Dofasco and will force the remaining owners to sell their shares.
"Arcelor intends, as soon as permitted, to acquire the remaining Dofasco common shares by means of (Canada's) statutory compulsory acquisition procedure," the company said in a statement.
It said it would acquire the remaining shares at the same price it had paid for its 98.5-per cent stake - 71 Canadian dollars (USD 62, 52 euros) per share.
"Arcelor also intends, upon acquiring a sufficient number of Dofasco common shares, to delist the common shares from the Toronto Stock Exchange," the company added.
Dofasco, based in Ontario, Canada, is a key supplier to the US car industry and one of the most profitable steel companies in North America.
Arcelor had extended its offer to Dofasco shareholders until March 7 to surpass the 90-per cent ownership level, above which it can, under Canadian law, force remaining shareholders to sell.
Arcelor took over Dofasco after a two-month bidding battle with ThyssenKrupp of Germany, acquiring the company for 3.95 billion euros.
But Arcelor is itself now the target of a takeover by Mittal Steel, the biggest steel producer in the world, which has promised to sell Dofasco to ThyssenKrupp if it succeeds.
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