Commercial Metals shares surge on takeover speculation
* Stock up about 14 pct
* Potential acquirers likely to be Nucor, Gerdau Ameristeel
* ArcelorMittal also seen as possible bidder
By Doris Frankel and Antonita Madonna
BANGALORE/CHICAGO, Feb 22 (Reuters) - Shares of Commercial Metals Co (CMC.N: Quotazione) rose about 14 percent and its call volume surged on Monday as takeover speculation swirled around the steel and metal products maker.
Commercial shares rose $1.53 to $16.64 in afternoon trade, after notching a high of $17.20 earlier in the session, on the New York Stock Exchange.
The base of the rumour could be the cancellation of the company's presentation with Morgan Stanley, scheduled for later this week, said analyst Michelle Applebaum of Michelle Applebaum Research.
"Eventually Commercial Metals will be part of a larger organisation, three years, four years down the road. So, whether or not anything is happening right now, it does look as though the speculation is fuelled out of them cancelling a presentation," she added.
Commercial Metals said in a statement it does not comment on unusual market activity. Continua...