That is of course assuming that Joy is up for sale or that there are other mining equipment makers looking to buy it. But let us assume that it is and they are.

This line of thinking was sparked by a report that a William Baird analyst suggested it was “increasingly likely” GE would make a bid for Joy.

What interest would the massive US conglomerate have for going after one of the pre-eminent mining equipment makers?

Well GE has built up that mining unit with the recent acquisition of underground coal mining equipment maker Fairchild and the almost completed purchase of Australian underground mining equipment maker and service provider Industrea.

Those aside, GE appears to still be in the market for some mining equipment action and Joy Global, which has had its market cap drop away considerably over the past year, could be just right.

The company’s market cap is sitting around $US6.3 billion. It is up considerably on the $2.97 billion it had at the end of the 2008 financial year – in the midst of the global financial crisis.

It is, though, down on the $9.5 billion cap it finished FY2011 with.

GE, meanwhile, has a market cap of about $237 billion, slightly above Joy’s.

Buying Joy would certainly give GE access to much more underground coal equipment because that is what the brand has become synonymous with.

But wait, there is more.

There is that whole P&H surface division to factor into the mix.

That would bring in shovels, draglines, drills and conveying – among other things.

Then there is Joy’s recent purchase of LeTourneau, bringing with it the mammoth wheel loaders that company is famous for.

It would be similar to Caterpillar’s purchase last year of Bucyrus, which was one of Joy’s main competitors in the underground coal and surface mining market.

But what if GE is not really in the market for a bit of Joy?

Would there be other companies in the frame?

Quite likely.

About the only company probably not a likely candidate is Caterpillar itself. The US Department of Justice would probably have something to say about it if it did. A crazy little thing called anti-trust.

Komatsu is one company that has been mentioned in despatches as a possible suitor for Joy.

It would certainly give the Japanese giant access to the underground coal market and add to its surface mining operations.

Some have suggested Volvo could be a possibility but is that a safe bet?

Volvo is a player in the mining sector but very much at the smaller end of the market. It is really at the upper end of the civil earthmoving spectrum.

Getting access to Joy would certainly increase its hold of the mining sector.

Fellow Nordic companies Atlas Copco and Sandvik probably would not be in the market – they already have their place in the underground and surface markets.

One online writer Gordon Wilcox suggested Berkshire Hathaway might also make a play for Joy.

The Oracle of Omaha is one always with an eye for a bargain and Joy’s value has dropped away of late. If the mining market turns that value could be on the way back up again.

Wilcox suggests a Berkshire-Joy marriage has been suggested in the past.

All of this could come to nought. It will be interesting to see how this unfolds in the coming months.