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