In response, Fantuzzi said that it could not see any possible material change having occurred and confirmed that final regulatory approvals had been received from the European Commission and the Ukraine Transport Commission, with only the Turkish competition authority’s approval outstanding. Fantuzzi was of the opinion that nothing would prejudice closing the contract which could be concluded soon after the Turkish approval was received.
The latest news is that Fantuzzi has now received Turkish Government approval and has sent Terex a notification to close the deal within the stipulated five days. Terex has apparently now replied with a request for a two week delay in order to “discuss things.”
Reports in the local Reggio Emilia press now say that Fantuzzi has informed Terex that if it does not go ahead with the deal Terex will be sued for breach of contract for Euro 500m (almost US$700m).
There are those who believe that the Fantuzzi position is very shaky and that Terex must have loopholes in the contract which they can apply, and given the current global (and worsening) economic situation and the effect it is having on the Terex share price, Terex still intends to walk away from the deal.