Caterpillar Inc. CAT +1.07% said Thursday it intends to buy ERA Mining Machinery for as much as $887 million, giving Illinois-based Caterpillar greater exposure to the modernization of China's coal mines.
Caterpillar's offer represents a 33% premium to ERA's stock price in Hong Kong before trading was halted Monday in expectation of a takeover announcement.
When is someone at CAT going to take this $650M "hit" out of the CEO's hide? Now I'd pay to see that. Oh by the way, how much does CAT blow per year on this a-holes private security?