Caterpillar (NYSE:CAT) announced its acquiring Mitsubishi’s Heavy Industries Ltd. (MHI) from a Japanese joint venture the two companies have been involved in for 45 years.

The deal represents the second phase of a share redemption plan in the second quarter of 2012, resulting in Caterpillar becoming a sole owner of CJL.

The share redemption deal is valued at upwards of $450 million USD.

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