Honda dismisses Harley-Davidson talk
June 26, 2007
Filed under Features
Honda Motor Co. has denied it is looking to buy Harley-Davidson, rumors of which had sent H-D stock shares soaring in New York on Friday.
“There’s absolutely no truth to it,” Honda Spokesperson Makiko Yoshida said in Tokyo on Monday to Reuters.
Despite skepticism from analysts and market participants, Harley-Davidson shares and options surged, with 58,535 options changing hands on Friday, more than 14 times the daily average, according to figures from market research firm Track Data.
H-D’s share price gained as much as 6.4 percent before closing Friday’s session up $2.43, or about 4 percent, at $62.55 on the New York Stock Exchange.
Shares in Honda reacted little in Tokyo, ending up 0.5 percent on Monday at $35.85.
This incident marks the second time in three weeks Harley-Davidson has been in the middle of rumors concerning it joining with another motorcycle manufacturer. Earlier this month, speculation abounded that the Motor Company was interested in Ducati Motor Holding.