Joy Global's low valuation to attract suitors, Businessweek reports

Joy Global's (JOY) low takeover valuation will likely attract potential acquirers for the largest independent maker of underground mining equipment, reports Bloomberg Businessweek. Joy has fallen 43% since February on reduced spending by mining companies as demand falls for coal in the U.S. The $5.8B firm traded yesterday at 8.2 times earnings in the last 12 months, lower than 90% of similar construction and mining equipment makers, according to Bloomberg data. One possible suitor: Komatsu (KMTUY).