MGX 0.68% 36.8¢ mount gibson iron limited

merrills rates it a takeover target

  1. 4,529 Posts.
    lightbulb Created with Sketch. 685
    1232 [Dow Jones] Merrill Lynch says Mount Gibson Iron (MGX.AU) is now a takeover target after recent share price weakness. News that some of MGX's customers are seeking to delay iron ore shipments saw the miner sold off hard last week. Macquarie says that even assuming a 30% drop in contract iron ore prices, MGX is trading below forecast June 2010 cash backing. Says MGX will be a takeover target as soon as the banking system rights itself. "At this level of prices, MGX offers an excellent entry into the iron ore industry for a major... or a steel company wanting to vertically integrate," ML says. Maintains Buy rating with A$3.00 target price; MGX trading up 7.0% at 76 Australian cents. (APW)
 
watchlist Created with Sketch. Add MGX (ASX) to my watchlist
(20min delay)
Last
36.8¢
Change
-0.003(0.68%)
Mkt cap ! $444.6M
Open High Low Value Volume
36.5¢ 37.0¢ 36.3¢ $170.8K 467.0K

Buyers (Bids)

No. Vol. Price($)
13 181158 36.5¢
 

Sellers (Offers)

Price($) Vol. No.
37.0¢ 110677 17
View Market Depth
Last trade - 11.34am 25/07/2024 (20 minute delay) ?
MGX (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.