Sales negotiations news: Bucyrus/Caterpillar deal receives clearance
Regulators have approved a deal between Caterpillar and Bucyrus.
International business negotiations can proceed on a proposed deal between building industry giant Caterpillar and mining specialist Bucyrus.
The pair have received regulatory approval for the move from the US' Department of Justice, which recently announced the closure of its investigation into the acquisition.
Negotiation strategies may be being formulated, as this go-head, combined with the expiration of the waiting period required under the Hart-Scott-Rodino Act, means the review process in the US has come to a conclusion.
The move was welcomed by Caterpillar chairman and chief executive officer Doug Oberhelman, who claimed his organisation is "very pleased" at the outcome.
"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.
A proposed deal that would see the Ryan Speciality Group acquire Jubilee Group Holdings for an undisclosed sum is also awaiting approval from regulatory authorities following its announcement last week.
Posted by David Gleck