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Finland: Konecranes to merge with is American rival for $2.7 billion

 |  August 13, 2015

The Finnish industrial crane manufacturer announced on Tuesday that it will merge with Terex Corporation in an all-share deal that will leave Terex with 60 per cent and it with 40 per cent of the shares in the combined company to be known as Konecranes Terex.

Terex will appoint five and Konecranes four members of the nine-member board of directors at Konecranes Terex. Ronald M. DeFeo, the chief executive of Terex, will take the reins of the combined company, while Stig Gustavson, the board chairman of Konecranes, will be appointed as its board chairman.

Both Konecranes and Terex described the merger as “a merger of equals.”

Full content: The Wall Street Journal

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