A PYMNTS Company

US: Terex $3.3 billion merger with Finland company on hold

By  |  February 21, 2016

Terex, which manufactures equipment for use in construction, shipping and other industries, has stopped work on its merger with Konecranes, of Finland, Reuters reported on Friday.

Last month, Westport-based Terex announced it had received an unsolicited takeover offer of $30 per share from China’s Zoomlion Heavy Industry Science and Technology The bid valued Terex at about $3.3 billion. Terex said it signed a confidentiality agreement with Zoomlion, and that its board was reviewing the proposal.

Concerns have been raised over whether Terex’s takeover by a Chinese company could pose national-security concerns because of its ties to the defense industry.

In a statement to Reuters on Friday, Terex said: “Given the uncertainties involved with the merger and proposed acquisition, the decision was made to halt information sharing, work on integration and synergies between the businesses, until further clarity can be had on the course of action.”

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.