NEW YORK - It what will go down in stock market folklore in a deal that involved a beginning, tension, drama with a thrilling ending. Caterpillar the Illinois based manufacturer announced the acquisition of Bucyrus International for $8.6 billion. Caterpillar will take on $1 billion of BUCY debt and it will issue up to $2 billion of debt and equity in the next year. Doug Oberhelman, chairman and CEO of Caterpillar, said that the deal is "a strong statement about our belief in the bright future of the mining world."
Caterpillar will maintain its A credit rating from S&P despite the large purchase. Caterpillar's shares swarmed 2.64% indicating investors are in favor of the deal.
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