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Nucor Corp. (), a manufacturer of steel products, announced on 2 January 2007 it has offered $1. 07 billion for Harris Steel Group (HSG. TO), a Canadian steel manufacturer. Harris Steel's board is recommending investors accept the all-cash bid. Audio Podcast: An audio podcast of this article is available at: . Nucor's website states, "The companies are highly complementary - a good fit with one another as Harris Steel Group is a large downstream consumer and distributor of steel. " Nucor is offering $39. 69 a share for the Harris stock. This constitutes a 6 percent premium over Harris' $37. 32 closing price Friday on the Toronto stock exchange. The news has pushed Harris' stock up over 5. 5% at midday on Tuesday. The news release said the offer will be open for at least 35 days and the boards of both companies support the deal. This deal will require regulatory approval in the United States and Canada. Nucor will allow Harris Steel to operate as a separate subsidiary after the deal is completed. Earlier in December Harris reported it had entered into talks regarding the sale of the company. At the time, Nucor was not announced as the interested company, but many analysts predicted Nucor was involved. The two companies have an existing three-year partnership as Nucor acquired a 50 percent stake in Harris' U. S. reinforcing steel, or rebar, products operations. The release states, "Reinforcing Products Group represents a tremendous and proven growth platform enabling Nucor to become a leader in rebar fabrication. " Forbes Honor Roll: Forbes magazine named 400 companies on its Best Big Companies list. Of those 400, Forbes picked 29 corporations as deserving special recognition for appearing on the list each year since its inception in 1999. No rx zyvox other factors affecting a company on the honor roll list include financial performance and solid corporate governance. The article states, "Along with its leading five-year stock performance, Nucor boasts double digit five-year historical average growth rates in both sales and earnings. " Company Profile: Nucor Corporation manufactures and sells steel and steel products in the United States. Its products include steel channels, sheets, wide-flange beams, pilings, plates, joists, steel fasteners, metal building systems, and light gauge steel framing. The company was founded in 1940 and is based [no rx zyvox] in Charlotte, North Carolina. Nucor Corporation acquired Verco Manufacturing Company, which produces steel floor and roof decking in the western United States, in November 2006. Competitors: Competitors for NUE include: Commercial Metals Co. (), United States Steel Corp. (), Mittal Steel USA (private), AK Steel Hldg. Corp. (), Chaparral Steel Co. (), Carpenter Tech. Corp. (), Gerdau AmeriSteel Corp. (), Oregon Steel Mills Inc. (), Schnitzer Steel Indus. Inc. (), Steel Dynamics Inc. (), Ternium S. A. (), and Wheeling-Pittsburgh Corp. (). Potential Trades: Using powerful search tool, the following potential positions were found.
|Covered Call - NUCOR STEEL () $54. 66|
|OPTION||Strike Info||Opt Bid||%Dnsd. Prot.||%If Inch.||%If Asgnd|
|NUEBL||07 FEB 60. 00||$1. 60||2. 90%||3. 00%||13. 10%|
|NUEBK||07 FEB 55. 00||$3. 50||6. 40%||6. 80%||7. 50%|