n" readability="37">Jan 6 (Reuters) - U.S. mining equipment maker Joy Global Inc said it started a tender offer to buy the remaining stake in China's International Mining Machinery Holdings Ltd (IMM) for about HK$3.4 billion ($437.80 million).
Joy Global, which currently owns about 69 percent of IMM shares, is looking to buy the rest of the company at HK$8.50 per share through its wholly-owned Hong Kong subsidiary. It will also purchase all outstanding options.
The company's investment in IMM, which makes underground coal mining machinery, will help it expand its footprint in China's fast-growing coal market.
Joy Global said the tender offer will expire on Feb. 3 at 4 pm Hong Kong time.
Shares of Joy Global were trading flat at $78.08 on Friday on the New York Stock Exchange.
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