Joy Global Inc., which generated the biggest shareholder returns of any industrial company in America over the past three years, would now be worth about 50 percent more as a takeover target for Komatsu Ltd. or Volvo AB.
Caterpillar Inc., the second-best performer in the Dow Jones Industrial Average earlier this year, has become one of the index’s biggest losers as slowing global economic growth prompts analysts to cut profit estimates.
Joy Global Inc. may attract a buyer as it becomes the only equipment maker focused on mining machinery after its competitor Bucyrus International Inc. is acquired, according to Northcoast Research Partners LLC.
Caterpillar Inc. , the world’s largest maker of construction and mining equipment, raised its full-year earnings forecast and posted third-quarter profit that topped analysts’ estimates. The shares fell after it said tax, pension and research costs will rise in 2011.