Financial Markets
Real Estate
Local listed Company
Overseas-listed Company
Foreign Company
Industrial Parks

Energy & Commodities
 Search News  Or
Joy Global to buyout China's Int'l Mining Machinery

an. 9, 2012 (China Knowledge) - Joy Global Inc, a leading high productivity mining solution provider in the world, has announced a tender offer for the remaining stakes of China's International Mining Machinery Holdings Ltd<1683>, which manufactures and sells underground coal mining equipment.

The U.S.-based buyer, which acquired a 41.1% stake in the target firm for HK$8.50 apiece on December 29, 2011, bringing its shareholdings to approximately 69%, is making an offer to buy the remaining 31% equity interests of International Mining Machinery for HK$8.50 a piece or HK$3.4 billion in total via a Hong Kong subsidiary Joy Global Asia Ltd.

The tender offer will expire on February 3, 2012, said a person familiar with the matter.

International Mining Machinery has yet commented on the news.

According to the website of Hong Kong-listed International Mining Machinery, the company earned RMB 1.11 billion in sales revenue in the first half of 2011, reflecting a year-on-year increase of 20.1%, and the firm's gross profit increased 25.5% from a year earlier to RMB 4.97 billion in the reporting period.

Add this     
Copyright © "2015"

Send feedback or comments to:

For more news, financial weekly reports, business guides to China, Market Research Reports and other premium information, subscribe to China Knowledge today

To access our page on Bloomberg, type CKFI (GO)

 Our Professional Services


 News Archive
About Us | CSR | Media Center | E-Newsletter | E-Store | Contact Us | Feedback | Sitemap | Privacy Policy | Terms of Use  

           Copyright © 2014 China Knowledge Online. All Rights Reserved