The European Commission Thursday cleared U.S. company Caterpillar Inc. (CAT) to buy mining equipment manufacturer Bucyrus International Inc. (BUCY), as the operation won't hurt competition.

"Whilst the transaction will result in high combined market shares worldwide, the increase in market share accounted for by Bucyrus is relatively low," the commission, which has antitrust powers within the European Union, said in a statement. "Furthermore, Caterpillar and Bucyrus are not generally viewed as each other's closest competitors and several other large players will remain on the market," it added.

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com
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