TABJ - July 15 - Milwaukee-based Joy Global Inc. will purchase a 41 per cent stake in International Mining Machinery Holdings Ltd, of China, for $585 million, but there are more conditions to this sale than first glances suggest.

The buy need to be approved by the Bureau of the Ministry of Commerce of the People's Republic of China, an anti-monopolistic body, and upon completion Joy will also be expected to make a further bid for the outstanding total of the company not contained within this 41 per cent.

Latest reports state that Joy will obtain the necessary funds through its own cash, cash through an equity raising and/or borrowing. Joy has been a big spender of late; in June the group completed on its purchase from Rowan Cos. Inc.: $1.1 billion for the company’s drilling and mining equipment arm.