Goldman Sachs has increase their holding to 99,332,234 from 84,697,969. That's around 14.6 million shares they have bought. See May-8th announcement for GS increases its holding. GS must believe ARI SP is a good value and IO is close to bottom. Last time IO price at $100 was back in 2009 & 2012 than quickly bounce back to $150+. When IO price bounce ARI will also follows.
Apart from China urbanisation, there is the rise of India. India will need a lot of steels to build new cities, infrastructure, factories, cars, etc.
According to ASIC short position report, ARI short position has gradually reduced to 1.93%. So it seems the recent attack on the SP is not by shorter. If someone wants to takeover ARI, they would smash the price down 30-40% making the offered premium for the takeover looks very attractive.
ARI Price at posting:
97.5¢ Sentiment: Buy Disclosure: Held
