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Bucyrus International said shareholders approved a proposed $7.6 billion takeover offer from Caterpillar Inc., Reuters reported Friday on its Web site.
Almost 74 percent of holders of total outstanding shares of Bucyrus common stock voted Thursday to approve the deal, Bucyrus said.
Bucyrus, a manufacturer of mining equipment, said both companies expect the deal to be completed by mid-year.
Caterpillar Inc. suspended a plan to build mining shovels at its Aurora facility, which would have created 300 jobs through 2014.
The change of plans is due to the company’s acquisition of South Milwaukee-based Bucyrus International, a maker of shovels, walking draglines, drills and other mining equipment. The $7.6 billion deal, which was announced in November, is expected to close in mid-2011.
The company said in a statement that it suspended the all development and capital investment for mining shovels in Aurora “to conserve resources and eliminate business risks associated with internal development.” Get the full story »
A Bucyrus 495HR electric mining shovel loads a Caterpillar 793C mining truck at a mine site. (AP/Bucyrus)
Caterpillar Inc., the world’s largest construction and mining equipment maker, said Monday it has agreed to buy Bucyrus International Inc. for $7.6 billion, aiming its sights on rapid growth in emerging markets.
Bucyrus, which is based in South Milwaukee, Wisconsin, makes surface mining equipment used for mining coal, copper, iron ore, oil sands and other minerals. Growth in emerging markets like China, India and Brazil has driven profit many companies as growth in the rest of the world remains slow. Get the full story »
