Seven Group shares are on a tear

Matt Cardy/Getty Images

Shares in the Seven Group jumped after the company reported the sale of its Caterpillar machinery business in China.

A short time ago, they were up more than 7% to $12.65.

The company, chaired by billionaire Kerry Stokes, announced that WesTrac China, its Caterpillar franchise, was sold for $540 million to Lei Shing Hong Machinery Limited.

The sale exits Seven Group from China.

The company is now looking for acquisitions.

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