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Hitachi Offers $528 Million for Aussie Mining Equipment Company

Company sees mid- to long-term growth for mining business

October 03, 2016

Hitachi Construction Machinery Co. made a A$689 million ($528 million) offer to acquire Bradken Ltd., an Australian supplier of mining equipment, in what will be the company’s largest overseas deal.

In a statement reported by Bloomberg.com, Hitachi will offer A$3.25 per share to buy the Newcastle, New South Wales-based company. The offer is at a 34 percent premium over Bradken’s closing share price on Friday. The offer was recommended by Bradken’s board, according to a separate statement.

Bradken rejected offers from Koch Industries and Pacific Equity Partners last year.

Source: Bloomberg.com

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