Excavators repair a section of the new Hanyi High-speed Railway that collapsed in Nanwan Village of Qianjiang, Hubei province in this March 12, 2012 file photo. REUTERS/China Daily/Files
ZHENGZHOU, China (Reuters) - Asia's top mergers and acquisitions bankers gathered two years ago at the swanky Island Shangri La in Hong Kong to celebrate the top deals of 2012. As the transactions were being toasted, one was unravelling.
Advisers on Caterpillar Inc's $677 million purchase of ERA Mining Machinery Ltd picked up an award for cross-border deal of the year. The purchase was billed as a coup for Caterpillar, the world's top maker of tractors and excavators. ERA was the holding company for Zhengzhou Siwei Mechanical & Electrical Equipment Manufacturing Co Ltd, one of China's biggest makers of hydraulic coal-mine roof supports. Siwei would help Caterpillar gain traction in the world's largest coal industry.
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