Mining equipment maker Joy Global Inc (JOYG.O) is in talks to purchase China's International Mining Machinery Holdings Ltd (1683.HK), a maker of coal-mining equipment, according to a Bloomberg report. A deal could be announced this week, Bloomberg said, citing a person with knowledge of the matter. Neither Joy Global nor International Mining could be reached for comment. International Mining shares were suspended Monday in Hong Kong trading. The company, controlled by private equity firm Jordan Co LP, has a market value of HK$8.5 billion, or about $1.1 billion, according to Reuters data.
Joy Global Inc. is a manufacturer and servicer of mining equipment for the extraction of coal and other minerals, and ores. Shares of JOYG traded higher by 1.6% or $1.5/share to $95.28. In the past year, the shares have traded as low as $53.13 and as high as $103.44. On average, 1831590 shares of JOYG exchange hands on a given day and today's volume is recorded at 1962204.
