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Joy buys coal machinery producer
Source: Bloomberg News |
July 15, 2011, Friday
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JOY Global Inc, the maker of P&H and Joy mining equipment, has agreed to acquire China's International Mining Machinery Holdings Ltd to add devices used in underground coal extraction.
Private-equity firm Jordan Co will get about HK$4.54 billion (US$583.6 million) for its 534.8 million shares, or 41 percent, of International Mining, Milwaukee-based Joy said yesterday in a statement. The HK$8.50 a share Joy is paying is 30 percent more than International Mining's closing price on Monday in Hong Kong. The shares have been suspended since then.
Following Chinese antitrust approval of the sale, Joy will be required under the Hong Kong Takeovers Code to make an offer for the rest of the company.
International Mining makes shearers, which cut coal from the coal face, and underground excavating and tunneling machines. China is the largest coal producer.
The acquisition may be Joy's biggest, topping its US$1.1 billion purchase of LeTourneau Technologies Inc from Rowan Cos in June, according to data compiled by Bloomberg News.
Private-equity firm Jordan Co will get about HK$4.54 billion (US$583.6 million) for its 534.8 million shares, or 41 percent, of International Mining, Milwaukee-based Joy said yesterday in a statement. The HK$8.50 a share Joy is paying is 30 percent more than International Mining's closing price on Monday in Hong Kong. The shares have been suspended since then.
Following Chinese antitrust approval of the sale, Joy will be required under the Hong Kong Takeovers Code to make an offer for the rest of the company.
International Mining makes shearers, which cut coal from the coal face, and underground excavating and tunneling machines. China is the largest coal producer.
The acquisition may be Joy's biggest, topping its US$1.1 billion purchase of LeTourneau Technologies Inc from Rowan Cos in June, according to data compiled by Bloomberg News.
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