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STOCKS NEWS EUROPE-Bekaert rebounds after LatAm deal, ratings upgrade

Reuters - UK Focus

Shares of Belgian steel wire and chord maker Bekaert (Brussels: BEKB.BR - news) rise as much as 4.7 percent as the stock rebounds on the back of a deal in Costa Rica and a ratings upgrade to "hold" at Bank Degroof.

On Tuesday evening, Bekaert announced several deals in South America, including the acquisition of ArcelorMittal (Other OTC: AMSYF - news) 's steel wire plant in Costa Rica, which would boost sales by 50 million euros in 2014.

On Wednesday, Bank Degroof upgraded its rating on Bekaert to "hold" from "reduce" saying that the recent weakness in the stock formed an interesting entry point.

"It's probably a combination of the two and the stock had been under pressure recently," a Brussels based trader says.

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Bekaert's shares have fallen some 14 percent since announcing weak third-quarter sales in November.

At 0915 GMT, Bekaert trades 3.92 percent higher at 26.27 euros, making them the second largest riser on the FTSEurofirst 300 index of leading European shares. Reuters messaging rm://robertjan.bartunek.thomsonreuters.com@reuters.net