Anitrust probe into Caterpillar/Bucyrus deal
By Helen Wright21 January 2011
The anti-trust division of the US Department of Justice has requested further information from Caterpillar and Bucyrus regarding their proposed US$ 8.6 billion tie-up.
Bucyrus said the was action taken under the Antitrust Improvements Act, adding that completion of its acquisition by Caterpillar remained subject to the expiration or termination of the waiting period under the Act.
Bucyrus also said that 99.7% of its shareholders had voted in favour of the proposed takeover.
Caterpillar's acquisition of the US-based mining equipment company is the biggest in its over 85-year history.
The all-cash transaction would accelerate Caterpillar's expansion into the mining sector. The proposed deal comes less than a year after rival equipment manufacturer Terex sold its mining business to Bucyrus International for US$ 1.3 billion (€ 954 million) in cash.
Caterpillar expects the deal to close mid-2011.