Komatsu Ltd.OTCPK - Current
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  • Tue, Jul. 26, 11:22 AM
    • Komatsu's (OTCPK:KMTUY -0.2%) $2.9B takeover of Joy Global (JOY -0.1%) is expected to get the nod from the European Commission, although divestments might be required, two Brussels-based lawyers told CTFN.
    • The transaction will ultimately obtain approval, "perhaps with a few distinct divestments," but "it will not be painless," an antitrust lawyer close to the Japanese heavy equipment maker said.
    • A second antitrust lawyer agreed that although the transaction will allow Komatsu to gain access to the underground mining business, overlaps in some product lines, such as wheel loaders, might require divestments.
    | Tue, Jul. 26, 11:22 AM
  • Thu, Jul. 21, 3:52 AM
    • Looking to strengthen its core mining equipment unit, Japan's Komatsu (OTCPK:KMTUY) has agreed to buy Joy Global (NYSE:JOY) for $2.9B, amid a fight for market share with industry leader Caterpillar (NYSE:CAT).
    • Under the terms of the agreement, Joy stakeholders will receive $28.30 in cash for each outstanding share of common stock held, representing a 20% premium to yesterday's closing price.
    • JOY +20% premarket
    | Thu, Jul. 21, 3:52 AM | 25 Comments
  • Jul. 10, 2012, 4:18 AM
    Truck maker Komatsu has no interest in buying Joy Global (JOY) after concluding there are few synergies to aid Komatsu's push into underground mining equipment. Joy Global's low valuation and industry M&A had made it the subject of takeover speculation.
    | Jul. 10, 2012, 4:18 AM
  • Jun. 5, 2012, 10:57 AM

    Joy Global's (JOY +1.3%) low takeover valuation may attract potential acquirers, as a buyer could offer a premium of 80% and still acquire it at the least expensive net income multiple on record for the industry, Bloomberg reports. JOY trades at ~8.2x 12-month trailing earnings, lower than 90% of similar construction and mining equipment makers. One possible suitor: Komatsu (KMTUY.PK).

    | Jun. 5, 2012, 10:57 AM | 1 Comment