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Caterpillar to Buy Bucyrus to Expand Mining Range

Caterpillar Inc., the world’s largest maker of construction equipment, agreed to buy Bucyrus International Inc. for $7.6 billion to add shovels and drills to its range of mining machinery.

Bucyrus shareholders will receive $92 a share, 32 percent more than the Nov. 12 closing share price, Peoria, Illinois- based Caterpillar said today in a statement. The deal is valued at $8.6 billion including net debt and Caterpillar will fund it with a combination of cash, debt and as much as $2 billion of equity, the company said.