August 12, 2006	Saturday	Rajab 16, 1427

DUESSELDORF, Aug 11: ThyssenKrupp, the German heavy industry and steel giant, said on Friday it would continue to negotiate to take over Canadian steel maker Dofasco, which was snapped from under its nose earlier this year by rival Arcelor.

ThyssenKrupp also said it planned to dispose of its automotive activities in North America, representing annual sales of around one billion euros ($1.28 billion), and was already in negotiations with a number of potential buyers.

“In the next few days, the executive board will continue negotiations on the acquisition of the Canadian steel producer Dofasco,” ThyssenKrupp said in a statement released following a meeting of the group's supervisory board.

At the beginning of this year, ThyssenKrupp and Arcelor had fought a bitter battle to get their hands on Dofasco, a leading player in the North American auto steel market.

Dofasco had viewed Arcelor's approach as hostile and had called on ThyssenKrupp to come to its rescue.

But Arcelor finally won, only to become the target of a hostile takeover itself by Mittal Steel.

ThyssenKrupp subsequently signed an agreement with Mittal Steel, whereby Mittal Steel undertook to sell Dofasco to ThyssenKrupp in the event of a takeover of Arcelor.—AFP