China Approves Caterpillar's Acquisition Of Bucyrus

China has given Caterpillar clearance to proceed with its planned acquisition of Bucyrus.

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Caterpillar Inc. and Bucyrus International, Inc. received notification from the Ministry of Commerce of the People's Republic of China (MOFCOM) that it has formally approved Caterpillar's planned acquisition of the Wisconsin-based mining equipment company.

This action follows the United States Department of Justice's recent clearance of the transaction. The MOFCOM clearance is the last major regulatory requirement needed for the acquisition to be completed. The deal, valued at approximately $8.8 billion (including net debt), is expected to close shortly.