PEORIA, Ill. ― Caterpillar Inc , the world’s largest maker of heavy equipment, said China’s regulator had approved its acquisition of U.S. mining equipment firm Bucyrus International, paving the way for the company to complete a deal announced in November.
Caterpillar said on Friday the Ministry of Commerce approval followed the U.S. Justice department’s recent clearance of the transaction.
Caterpillar’s exposure to commodities including metals and coal will only increase when it closes on its acquisition of Bucyrus.
In November, Caterpillar sealed its position as the world’s No. 1 maker of mining equipment with its purchase of Bucyrus International for $7.6 billion, the biggest acquisition in its 85-year history.