Caterpillar's Acquisition of Bucyrus Complete

By WEEK Producer

August 11, 2011 Updated Aug 11, 2011 at 1:18 PM CDT

Caterpillar Inc. and Bucyrus International received approval from China for Cat's plan to acquire the Wisconsin-based mining company.

The action follows the U.S. Department of Justice's recent clearance of the transaction.

The deal valued at approximately $8.8 billion and Cat says it did not issue equity to help fund the transaction.

Caterpillar Group President Steve Wunning says the acquisition is about growth and unprecedented opportunities. "It will position Caterpillar to offer a broad range of surface and underground mining products and solutions to our customers," said Wunning.

As previously announced, the Caterpillar Global Mining headquarters will be in Oak Creek, Wisconsin. The mining products will all carry the Caterpillar name.