DOW JONES NEWSWIRES
The U.S. Department of Justice gave the go-ahead for Caterpillar
Inc.'s (CAT) largest acquisition ever--a $7.6 billion takeover of
Bucyrus International Inc. (BUCY).
European Union regulators had already cleared the deal earlier
this month.
Friday, Caterpillar Chairman and Chief Executive Doug Oberhelman
said the heavy-equipment giant was "very pleased" by the
approval.
"Since we announced our plan to acquire Bucyrus last November,
we have continued to hear from our customers that this
complementary expansion of our mining product range is what they
have been looking for from Caterpillar," he said.
The company expects the deal to close in the middle of the
year.
The combination comes as Caterpillar's operating performance
gains steam, with construction and mining companies replenishing
equipment in the past year after cutting back in 2009.
Caterpillar shares were down 0.4% at $103.95 after hours, and
Bucyrus's weren't active.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com