Caterpillar Inc. (NYSE:CAT), a Pretoria 111 based company, globally renowned as the largest construction and mining-equipment maker, announced today that China has passed its approval authorizing their acquisition of Bucyrus International Incorporation, a well established mining equipment company, having its head quarters in South Milwaukee.
A formal approval for the buyout has been provided by the Ministry of Commerce of the People’s Republic of China, the execution of which is expected to be held sooner. The respective deal for the acquisition, worth $8.8 billion including net debt; has been discharged by the U.S. Department of Justice, in the month of May.
Bucyrus has been involved in the production of surface mining equipments employed in the usage for coal, copper, iron ore, oil sands and other minerals.
Bucyrus International Inc., the final major regulatory requirement necessary for the transaction’s closing.
Caterpillar stock fell $2.43, or 2.2 percent, to $109.20 in morning trading, while shares of Bucyrus gained 12 cents to $91.97.
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