Business Services Industry
Smorgon Steel Group (SSX) $1.27.
Australasian Business Intelligence, August, 2003
Aug 05, 2003 (Your Money Weekly - ABIX via COMTEX)
The share price of Smorgon Steel Group has jumped by 23 per cent since mid-May 2003. The increase could be attributed to a number of factors, including speculation that Smorgon may either be a takeover target or that it could merge with OneSteel. However, the latter possibility seems very remote, as the Australian Competition & Consumer Commission (ACCC) would be very unlikely to approve it. There remains some investor concern about the "Smorgon family overhang", although this seems to have abated, as it is some time as a major sale of the family's holdings occurred. Smorgon Steel Group is now rated as a "hold" stock, a downgrade from the "buy" recommendation that it had in May 2003.
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