Asia Stocks Rise; Japan's Komatsu Gains on Joy Global Bid

The mining and construction equipment maker agrees to pay $2.9 billion for its Milwaukee peer.
By Laura Board ,

Asia stocks rose on Thursday as a weak yen propelled Japanese indices to a seven-week high.

Construction and mining equipment maker Komatsu (KMTUY) rose 2.3% after it said it would pay $2.9 billion for Joy Global, (JOY) , of Milwaukee. The target's shares had closed at $23.55 in New York on Wednesday; Komatsu is offering about 20% more, or $28.30 per share.

The dollar was recently up 0.29% against the yen, buying ¥107.2000, close to a seven-week high.

That pushed the Nikkei 225 up 0.77% to 16,810.22, while the Topix rose 0.65% to 1,339.39. Exporters Mitsumi Electric, Mitsubishi Chemicals and TDK were among the main gainers.

Media outlets reported that the Japanese government is to compile a stimulus package of at least ¥20 trillion ($187 billion) to spur growth.

Chinese indices also rose on Thursday with the CSI 300 composite index up 0.59% at 3,256.64 shortly before the end of the session. In Hong Kong the Hang Seng rose 1.02% to 22,106.60.

In Sydney the S&P/ASX 200 climbed 0.42% to close at 5,512.40.

Logistics company Qube (QBBHY) rose 3% after he Australian competition regulator cleared its A$9 billion ($6.7 billion), consortium purchase of Australian ports and rail operator Asciano, (AANOF) which rose 1%. Other members of the bid consortium include former bid rival Brookfield Infrastructure Partners, and Canada Pension Plan Investment Board.

Brent crude was recently up 0.66% at $47.48 a barrel.

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