Caterpillar, the earthmoving equipment maker, took a long-term bet on commodity prices and emerging market growth by striking an $8.6bn deal to acquire Bucyrus International, a US manufacturer of mining machinery.
The deal is the latest sign of booming commodities activity as demand in China and other emerging countries tightens mining markets ranging from copper to iron ore.
The London Metal Exchange’s index – a basket of the cost of aluminium, copper, lead, nickel, tin and zinc – rose last week to a 2-year high above 4,000 points, approaching the all-time high set in 2007.
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