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US: China’s Zoomlion bids $3.3bn for Terex

 |  January 27, 2016

In a game of company tug-of-war, Zoomlion Heavy Industry Science and Technology has made moves to acquire US-based crane-maker Terex Corporation, despite ongoing talks between the company and Finish crane-maker Konecranes.

The US company has confirmed the interest from its Chinese rival, stating it has received an unsolicited, non-binding acquisition proposal to purchase all outstanding Terex shares for $30 in cash per share.

“The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval,” Terex says.

While confirming it will do its due-diligence, it appears the company’s board favours the original deal.

“Terex previously announced that it had entered into a Business Combination Agreement with Konecranes Plc providing for a combination of Terex and Konecranes,” Terex says.

“The Terex Board of Directors has not changed its recommendation of the proposed combination with Konecranes.”

The other half of the original deal is also standing firm for its desired merger, releasing a statement overnight.

Full content: Reuters

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