Wednesday , 18 September 2019
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Zoomlion abandons Terex bid

Chinese crane manufacturer Zoomlion has called off negotiations over its bid for Terex.

“No agreement can be reached on the crucial terms,” said Zoomlion, in a filing on the Hong Kong Stock exchange.

The news comes eleven days after Konecranes announced it was buying Terex’s material handling and port solutions business.

That deal came with the caveat that it could be cancelled by May 31 if Terex entered into, or reasonably believed it would enter into, a legally binding merger with Zoomlion .

Zoomlion’s announcement then, means that Konecranes’ acquistion of Terex’s material handling and port solutions business is almost certain to go through.

Initially, Konecranes and the whole Terex Group were set to merge but this was thrown into doubt when Zoomlion made a higher bid for the Terex Group.