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)
merrills rates it a takeover target
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Last
42.0¢ |
Change
0.010(2.44%) |
Mkt cap ! $510.2M | |||
| Open | High | Low | Value | Volume |
| 41.0¢ | 42.0¢ | 40.5¢ | $1.108M | 2.659M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4572 | 42.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 42.5¢ | 179187 | 6 |
View Market Depth
| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| MGX (ASX) Chart |