Konecranes, Terex merger scrapped
By Andrew Macklin
May 18, 2016 – The proposed merger between Konecranes and Terex has been officially scrapped, but that won’t stop Konecranes from purchasing part of Terex’s crane business.
According to an article from The Wall Street Journal, the purchase will see part of the Terex crane business sold to Konecranes for $1.2 billion USD in cash and stock.
The announcement puts pressure on Chinese manufacturer Zoomlion, which was looking to usurp the Terex-Konecranes merger by providing a better offer for the outright purchase of Terex. Should Zoomlion step forward with a stronger offer for Terex, the sale to Konecranes could still be called off.
For more on this developing story, click here.