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China Approves Caterpillar Acquisition Of Bucyrus

PEORIA, Ill. and OAK CREEK, Wis., July 8, 2011 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) and Bucyrus International, Inc. (NASDAQ: BUCY) 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.

About Caterpillar:

For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2010 sales and revenues of $42.588 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.caterpillar.com.

About Bucyrus International, Inc.

Bucyrus is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries. Bucyrus' surface mining equipment is used for mining coal, copper, iron ore, oil sands and other minerals.  Bucyrus' underground mining equipment is used primarily for mining coal and also used in mining minerals such as potash and trona. In addition to machine manufacturing, Bucyrus manufactures high quality OE parts and provides world-class support services for their machines. Bucyrus' corporate headquarters is located in South Milwaukee, Wisconsin, USA.

Additional Information Relating to Bucyrus and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed acquisition of Bucyrus by Caterpillar. In connection with the proposed merger, Bucyrus has filed relevant materials with the Securities and Exchange Commission (the "SEC"), including a proxy statement on Schedule 14A, which was mailed to stockholders of Bucyrus on or about December 22, 2010.

Bucyrus stockholders are urged to read all relevant documents filed with the SEC, including the proxy statement, because they will contain important information about the proposed transaction.

Investors and security holders may obtain free copies of the proxy statement, as well as other filed documents, without charge, at the SEC's website ( http://www.sec.gov). Free copies of Bucyrus's filings may be obtained by directing a request to Bucyrus's Investor Relations by telephone to (414)768-4000, in writing to Bucyrus, Attention: Investor Relations, 1100 Milwaukee Avenue, South Milwaukee, WI 53172, by email to amalingowski@bucyrus.com or at Bucyrus's website ( http://www.bucyrus.com).

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are subject to known and unknown factors that may cause Caterpillar's actual results to be different from those expressed or implied in the forward-looking statements. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements.  All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and Caterpillar does not undertake to update its forward-looking statements.

Stock quotes in this article: BUCY, CAT 

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