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U.S. Department of Justice Approves Cat's Acquisition of Bucyrus

Caterpillar and Bucyrus International received notification from the U.S. Department of Justice that it has closed its investigation into Cat’s planned acquisition of Bucyrus.

May 23, 2011

Caterpillar and Bucyrus International received notification from the U.S. Department of Justice (DOJ) that it has closed its investigation into Caterpillar’s planned acquisition of Bucyrus. The DOJ action, in addition to the expiration of the Hart-
Scott-Rodino Act waiting period, concludes the antitrust review process in the United
States. The clearance by the DOJ will allow the acquisition, valued at approximately $8.6 billion (including net debt), to proceed as soon as all other conditions to closing have been satisfied. The transaction is expected to close in mid-2011.

“We were very pleased to hear this positive news from the Department of Justice
about this strategic acquisition,” said Caterpillar Chairman and CEO Doug Oberhelman. “Since we announced our plan to acquire Bucyrus last November, we have continued to hear from our customers that this complementary expansion of our mining product range is what they have been looking for from Caterpillar. This will position us to better serve the increasingly complex requirements of those customers,” Oberhelman added.

The acquisition is based on Caterpillar’s key strategic imperative to expand its
leadership in the mining equipment industry, and positions Caterpillar to capitalize on the robust long-term outlook for commodities driven by the trend of rapid growth in emerging markets which are improving infrastructure, rapidly developing urban areas and industrializing their economies.

Tim Sullivan, Bucyrus President and CEO, said, “This is a critical and important
step as we move toward closing this historic transaction that will deliver tremendous
value to all the Bucyrus stakeholders.”

Caterpillar will fund the acquisition through a combination of cash from its
balance sheet and debt. Caterpillar does not plan to issue equity to help pay for the
acquisition.

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