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Joy Global, Inc. Message Board

  • jcreamer007 jcreamer007 Apr 16, 2013 11:26 AM Flag

    How about a straight answer from Joy Global on the acquisition price tag of $1.4 Billion for IMM?

    How about a straight answer from Joy Global on the acquisition price tag of $1.4 Billion for IMM?

    Caterpillar closed the purchase of ERA Mining Machinery Ltd and its subsidiary Siwei, China's fourth-largest maker of hydraulic roof supports, last June, paying HK$5.06 billion, or $653.4 million. ERA had been publicly traded in Hong Kong, doing business through Siwei, which is known for making equipment to support roofs in mines.

    A member of the Caterpillar board during the course of the Siwei deal told Reuters the board was distracted at the time by a larger transaction and paid relatively little attention to the Siwei acquisition.

    "It came as a complete surprise to us," the former board member said of the fraud, speaking on condition of anonymity because of the sensitivity of the situation. "It was presented to us as a pretty straightforward transaction. It's a shame. It should have been investigated further."

 
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