this stock was posted here months ago before any rumors were out.
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. AGCO soars on takeover speculation
By Sarah Smith, CBS MarketWatch
Last Update: 6:11 PM ET Aug 6, 1999 NewsWatch
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Updated:
8/10/99 5:16:50 PM ET
DULUTH, Ga. (CBS.MW) -- Shares of AGCO Corp. surged more than 20 percent Friday as speculation of a possible takeover boosted volume to 11.8 million shares.
AGCO (AG: news, msgs) stock jumped 2 1/8 to 11 5/8.
"There are rumors that the company has been for sale," said Barry Bannister, an analysts at Legg Mason. "Maybe someone is now shifting to that."
Michelle Howard, director of corporate finance for AGCO, said she knew no reason for the rally.
The company, based in Duluth, Ga., is a designer, manufacturer and distributor of agricultural equipment and replacement parts. AGCO distributes products in 140 countries throughout the world.
Shares of other companies that make agricultural equipment were mixed. Deere Company (DE: news, msgs) fell 7/16 to 39 7/8. Caterpillar (CAT: news, msgs) rose 1 5/8 to 57 3/4.
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