Joy Global Plans To Buy International Mining Machinery

Joy Global Inc. (JOYG) said it will acquire 41% of International Mining Machinery Holdings Ltd. (ICMHF, 1683.HK) for $585 million and plans to obtain the remaining shares of the Chinese mining equipment manufacturer through a tender offer.

TJCC Holdings Ltd., a unit of U.S. private equity firm the Jordan Co., has agreed to sell its 534.8 million shares to Joy Global. International Mining's shares were suspended from trading in Hong Kong this week. The firm has a market capitalization of about HK$8.5 billion (US$1.1 billion).

The acquisition would give Milwaukee-based Joy Global a greater presence in the Chinese coal-mining market. International Mining is one of China's largest underground long-wall coal-mining equipment makers.

Joy Global's stock was recently up 3% at $97.78 a share.

-By Bob Tita, Dow Jones Newswires; 312-750-4129; robert.tita@dowjones.com

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