Joy Global (JOY) Pulls Back as Atlas Copco Not Interested in Large Acquisition
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Joy Global (NYSE: JOY) is slumping early Thursday morning following reports that Atlas Copco isn't looking to do an acquisition right now.
Atlas Copco CEO Ronnie Leten said that the company could handle a deal of about $5 billion, but he said that a major acquisition target that would help the company expand its mining operations "doesn't exist."
More probable would be smaller purchases in the $100 million to $200 million range.
Yesteday, Joy Global climbed 2.7 percent on chatter from Sweden's Dagens Industri. Into the open, shares are indicated about 1.9 percent lower.
Atlas Copco CEO Ronnie Leten said that the company could handle a deal of about $5 billion, but he said that a major acquisition target that would help the company expand its mining operations "doesn't exist."
More probable would be smaller purchases in the $100 million to $200 million range.
Yesteday, Joy Global climbed 2.7 percent on chatter from Sweden's Dagens Industri. Into the open, shares are indicated about 1.9 percent lower.
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