Italy's Prysmian to buy USA rival General Cable for €3bn


It represents a premium of approximately 81% to the General Cable closing price of $16.55 per share on 14 July - the last day of trading before the company announced its review of strategic alternatives. The institutional investor purchased 100,000 shares of the industrial products company's stock, valued at approximately $1,885,000.

The targets are mid-sized groups, one based in Asia, one in North America and one with a worldwide presence, Battista said, adding that a deal could be completed in the coming months.

General Cable (NYSE:BGC) last issued its earnings results on Wednesday, November 1st.

General Cable has been battling high debt loads and a bribery scandal that led to an $82 million settlement with the U.S. Department of Justice in 2016.

The company's diluted EPS for trailing twelve months was -3.56. Also, there are 0 buy, 0 sell and 0 strong sell ratings, collectively assigning a 3 average brokerage recommendation.

According to the Recommendation Trends of the stock polled by Zacks Investment Research for this month, the company has a consensus recommendation of 3 out of the scale from 1 to 5 where 1 stands for Strong Buy and 5 means Strong Sell. According to the Analysts, the Low Earnings estimate for the current quarter is $0.24, while the High earnings estimate is $0.24.Comparatively, EPS for the same quarter past year was $0.27.

For the ongoing Fiscal Quarter, 1 analysts have an average earnings forecast of $0.24 per share. The company's outstanding shares are 4.95 Billion.

Previously General Cable Corp (NYSE:BGC) reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.08.

While considering growth estimates of the company, it has next quarter growth estimates of -29.6% whereas during current quarter it has 340% estimations over growth, comparing to the estimations of 39.3% during current year and 17.6% for next year.

EPS growth for the next 5 years is 10 percent.

General Cable Corp (NYSE:BGC)'s revenue estimates for the current quarter are $993.3 Million according to 1 number of analysts, for the current quarter the company has high revenue estimates of $993.3 Million in contradiction of low revenue estimates of $993.3 Million. The stock has a market cap of 283.86 Billion.

Bank Of Montreal Can invested in 0% or 24,138 shares. Its share price has risen 20.45% in three months and is up 2.73% for the last five trades. General Cable Corporation has a 52-week low of $14.95 and a 52-week high of $29.75. The stock hit its 52-week high on 10/17/17, and 52-week low on 06/21/17.

At the end of 09/30/2017 reporting period, 84 institutional holders increased their position in General Cable Corporation (NYSE:BGC) by some 8,891,182 shares, 74 decreased positions by 7,469,469 and 30 held positions by 34,968,182. The stock's last price was higher from the average trading price of 50 days recorded at $0.66 while enlarging the period to 200 trading days, the average price was $0.81. The PEG ratio shows us that, when compare to the beer company, the always-popular tech company doesn't have the growth rate to justify its higher P/E, and its stock price appears overvalued.