Terex and Konecranes merger plans halted

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Konecranes and Terex logo and new name

The planning of the proposed merger between Terex Corporation and Konecranes has been paused.

A Terex statement said “it would be prudent to pause the integration planning activities for the time bring. This will allow the Terex management steam to devote its attention to improving the company’s operating results and delivering on management’s commitment to shareholders.”

The Terex Board of Directors recommendation of the merger still stands and filings are ongoing in pursuit of approvals from shareholders, anti-trust and regulatory authorities necessary to complete the merger, Terex said.

Terex and Konecranes announced the merger proposal to form Konecranes Terex last August. Since then, Terex received an unsolicited offer from Chinese crane and construction equipment manufacturer Zoomlion to acquire it for US$ 3.3 billion.

References

  1. Terex Konecranes plans paused, KHL, 22 February 2016.