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Reuters: Konecranes to Buy Terex Unit, Full Merger Scrapped

May 16, 2016, 08:00 AM
Filed Under: Cranes
Related: Kronecranes, Terex

Reuters reported Finland's Konecranes has agreed to buy Terex Corp's cranes business for ports and factories for 1.1 billion euros ($1.3 billion), in a move that cancels a planned full merger and allows the U.S. firm to pursue talks with a rival suitor. Reuters reported Konecranes and Terex agreed to an all-share merger in August, hoping a deal would help them better cope with cooling Chinese and weak European demand.

According to the Reuters report, under the new Konecranes deal, Terex will become a 25 percent shareholder in the Finnish company.

Read the full Reuters report: Konecranes to Buy Terex unit, Full Merger Scrapped

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