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Tuesday, March 17, 2015

Prysmian considering all growth opportunities but no talks with General Cable, (NYQ: BGC)

Italian cable maker Prysmian is evaluating all growth opportunities, but there are no talks ongoing with its smaller rival General Cable, the company's spokesman said on Tuesday. The comments came after a Bloomberg report which said Prysmian had held preliminary talks with advisers about buying General Cable.Prysmian CEO Valerio Battista told Reuters in an interview in December that there were no talks to purchase General Cable nor to merge with France's Nexans.

General Cable Corporation is engaged in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for use in the energy, industrial, construction, specialty and communications markets. Shares of BGC traded higher by 18.33% or $2.68/share to $17.30. In the past year, the shares have traded as low as $10.70 and as high as $28.54. On average, 731545 shares of BGC exchange hands on a given day and today's volume is recorded at 5687584.