Bank Of America Not Surprised By ArcelorMitta SAl's Bid For ILVA

In a report published Wednesday, Bank of America analyst Cedar Ekblom reiterated a Buy rating and $17.55 price target on

. In the report, Bank of America noted, “ArcelorMittal has confirmed that it is considering a JV bid with Marcegaglia (Italian re-roller) for ILVA, the challenged 10Mt integrated steel mill currently being operated by the Italian government. MT recently signed a non-binding letter of intent to look at ILVA, and the press has widely reported that MT has been considering a bid with Marcegaglia. Hence we think MT's announcement will not come as a surprise to the market.” ArcelorMittal SA closed on Tuesday at $14.36.