Komatsu Ltd., the world’s second-biggest construction equipment maker, agreed to buy Joy Global Inc. for $2.89-billion, bolstering the Japanese company’s underground mining business amid a fight for market share with industry leader Caterpillar Inc. Tokyo-based Komatsu will pay $28.30 a share in cash for the Milwaukee-based company, using funds on hand and loans, the company said Thursday in a statement. The offer is 20% higher than Joy Global’s closing price on July 20 and marks the Japanese company’s biggest-ever acquisition.
