7am News, Sports and Obits

Latest WGIL news
Click to play or
Right click and "Save Target As" to download
Click for Galesburg, Illinois Forecast
Home - Cancellations - Community Events - Contact Us - Mornings - News - Obituaries - Pictures - Programs - Special Events Audio - Sports - Weather
Caterpillar Buys Wisconsin Company
NEW YORK (AP) -- Caterpillar Inc., the world's largest construction and mining equipment maker, says it has agreed to buy Bucyrus International Inc. for $7.6 billion in cash.

The purchase price works out to $92 per share, a 32 percent premium to Bucyrus' closing price on Friday. The deal, which is valued at $8.6 billion including debt, is expected to close in mid-2011.

Bucyrus is based in South Milwaukee, Wis. It makes surface mining equipment used for mining coal, copper, iron ore, oil sands and other minerals.

The deal requires approval by regulators and Bucyrus shareholders.

Caterpillar of Peoria, Ill., said Monday it's buying the company to expand its mining business and take advantage of rapid growth in emerging markets.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
11 15 10 by Newsroom
News management powered by Xpression News

Click here for the WGIL News Archive

Click here for national news

The following provision applies to all visitors (which shall include persons and representatives of legal entities, whether such representatives are persons or digital engines of a kind that crawls, indexes, scrapes, copies, stores or transmits digital content). By accessing this Web site or digital service, you specifically acknowledge and agree that: (i) Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium; (ii) No Associated Press materials nor any portion thereof may be stored in a computer except for personal and non-commercial use; (iii) The Associated Press will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing; (iv) The Associated Press is an intended third party beneficiary of these terms and conditions and it may exercise all rights and remedies available to it; and (v) The Associated Press reserves the right to audit possible unauthorized commercial use of AP materials or any portion thereof at any time.