http://www.foxbusiness.com/markets/2010 ... s-billion/
Caterpillar Inc. (CAT: 82.99 ,+1.96 ,+2.42%) announced plans Monday to acquire mining equipment maker Bucyrus International Inc. (BUCY: 89.78 ,+20.15 ,+28.94%) for about $7.6 billion, providing greater exposure to surging global markets for commodities at a time when the outlook for its construction machinery remains cloudy in the U.S. and other developed economies.
The company, already the world's largest manufacturer of bulldozers, excavators and wheel loaders, has longed eyed mining as a sector to expand its equipment footprint. Caterpillar dominates the market for huge dump trucks used at mine sites and Caterpillar announced plans earlier this year to begin offering its own mining shovels.
"For several years, mining customers have been asking us to expand our range of products and services to better serve their increasingly complex requirements," said Caterpillar Chairman and Chief Executive Doug Oberhelman said in a written statement Monday.
The purchase of Bucyrus is the largest deal in Caterpillar's history and the first acquisition since Oberhelman took over the leadership of the company in July. The proposed deal is scheduled close in the middle of 2011......
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