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Caterpillar Writes Off Most of China Deal After Fraud

from Reuters

Caterpillar uncovered "deliberate, multiyear, coordinated accounting misconduct" at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wipe out half a quarter's profits. Caterpillar, the world's largest maker of tractors and excavators, said it would take a noncash goodwill impairment charge of $580 million, or 87 cents per share, in the fourth quarter of 2012. more


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