Manufacturers

General Cable Stock Jumps on Takeover News

Two major financial reports are saying General Cable Corp. is receiving tentative bids from two European companies in an effort to find a new owner.

Prysmian, an Italian company that is looking for American acquisitions, is one of the bidders. Also in the running is Nexans, a chief rival to Prysmian and also bidding for General Cable, according to Bloomberg and Reuters.

Prysmian reported revenue of more than 7.5 billion Euros last year, which is a nearly 3 percent gain from 2015. It has said in the past that it wants to expand into North America.

Kentucky-based General Cable is reportedly valued at almost $1 billion and is a key player in the aluminum, copper, and fiber optic wire and cable industry. Last July, it hired JP Morgan for what it called a “strategic review” and to potentially find a merger partner to boost shareholder value.

General Cable shares in New York jumped more than 8 percent on October 9 to $21.65 after Reuters broke news of the bids.

 

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