The Cold Shoulder May Have Made Hanson A Hot Buy

Shares of Hanson, the acquisitive British holding company, have been under heavy pressure since the company's mid-May announcement that it had bought a 2.8% stake in Britain's huge Imperial Chemical Industries. Many of Hanson's major British shareholders bailed out, switching their money into ICI, which they assumed was a takeover target. Hanson tumbled from $23 per ADR (American Depositary Receipt) to $16. But in recent days, the stock has rallied, edging up to $18 a share as some American pros have taken the opposite route, placing heavy bets on Hanson.

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