Bucyrus shareholders OK buyout by Caterpillar

[January 22, 2011]  SOUTH MILWAUKEE, Wis. (AP) -- Bucyrus (byoo-CY'-rus) International Inc. says its shareholders have approved a $7.6 billion buyout by Caterpillar Inc.

Bucyrus makes surface mining equipment used for coal, copper, iron ore, oil sands and other minerals. Caterpillar is the world's largest construction- and mining-equipment maker.

Caterpillar offered $92 per share, a 32 percent premium to Bucyrus' closing price on the November day that the companies announced the acquisition.

Bucyrus says about 73.8 percent of the total outstanding shares voted Thursday in favor of the deal.

The acquisition still requires approval by regulators. Bucyrus says it expects the deal to close later this year.

Shares of South Milwaukee, Wis.,-based Bucyrus nudged up 3 cents to $90.38 in afternoon trading Friday. Shares of Peoria, Ill.,-based Caterpillar dropped 72 cents, or 0.8 percent, to $92.89.

[Associated Press]

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