Exclusive Features

Top 20 Stories of 2017: #14 General Cable Stock Jumps on Takeover News

Top 20 Stories of 2017: #14 General Cable Stock Jumps on Takeover News

EVERY WEEKDAY IN DECEMBER, TED MAGAZINE IS COUNTING DOWN THE TOP 20 STORIES OF 2016. BELOW, THE #14 MOST-VIEWED STORY OF THE YEAR, ORIGINALLY PUBLISHED ON OCTOBER 10, 2017.


 

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.

 

Tagged with ,

Comment on the story

Your email address will not be published.