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.
It is important to note that Caterpillar's actual results may
differ materially from those described or implied in its
forward-looking statements based on a number of factors, including,
but not limited to: (i) global economic conditions and economic
conditions in the industries and markets Caterpillar serves; (ii)
government monetary or fiscal policies and government spending on
infrastructure; (iii) commodity or component price increases and/or
limited availability of raw materials and component products,
including steel; (iv) Caterpillar's and its customers', dealers'
and suppliers' ability to access and manage liquidity; (v)
political and economic risks associated with our global operations,
including changes in laws, regulations or government policies,
currency restrictions, restrictions on repatriation of earnings,
burdensome tariffs or quotas, national and international conflict,
including terrorist acts and political and economic instability or
civil unrest in the countries in which Caterpillar operates; (vi)
Caterpillar's and Cat Financial's ability to maintain their
respective credit ratings, material increases in either company's
cost of borrowing or an inability of either company to access
capital markets; (vii) financial condition and credit worthiness of
Cat Financial's customers; (viii) inability to realize expected
benefits from acquisitions and divestitures, including the
acquisition of Bucyrus International, Inc.; (ix) the possibility
that the acquisition by Caterpillar of Bucyrus International, Inc.
does not close for any reason, including, but not limited to, a
failure to obtain required regulatory approvals; (x) international
trade and investment policies, such as import quotas, capital
controls or tariffs; (xi) the possibility that Caterpillar's
introduction of Tier 4 emissions compliant machines and engines is
not successful; (xii) market acceptance of Caterpillar's products
and services; (xiii) effects of changes in the competitive
environment, which may include decreased market share, lack of
acceptance of price increases, and/or negative changes to our
geographic and product mix of sales; (xiv) union disputes or other
employee relations issues; (xv) Caterpillar's ability to
successfully implement the Caterpillar Production System or other
productivity initiatives; (xvi) adverse changes in sourcing
practices of our dealers or original equipment manufacturers;
(xvii) compliance costs associated with environmental laws and
regulations; (xviii) alleged or actual violations of trade or
anti-corruption laws and regulations; (xix) additional tax expense
or exposure; (xx) currency fluctuations, particularly increases and
decreases in the U.S. dollar against other currencies; (xxi)
failure of Caterpillar or Cat Financial to comply with financial
covenants in their respective credit facilities; (xxii) increased
funding obligations under our pension plans; (xxiii) significant
legal proceedings, claims, lawsuits or investigations; (xxiv)
imposition of operational restrictions or compliance requirements
if carbon emissions legislation and/or regulations are adopted;
(xxv) changes in accounting standards or adoption of new accounting
standards; (xxvi) adverse effects of natural disasters; and (xxvii)
other factors described in more detail under "Item 1A. Risk
Factors" in Part I of our Form 10-K filed with the SEC on
February 22, 2011 for the year ended
December 31, 2010. This filing
is available on our website at www.caterpillar.com/secfilings.
SOURCE Caterpillar Inc.