Konecranes to buy Terex unit, scraps full merger

• Konecranes (OTC:KNCRF) has agreed to acquire Terex's (NYSE:TEX) lifting-gear business for about $1.3B, abandoning a full merger and paving the way for Chinese suitor Zoomlion (OTCPK:ZLIOY) to buy the rest of the company.
• Under the new deal, Terex will receive $820M in cash become a 25% shareholder in Konecranes. The Finnish company will aim for synergies of about €140M annually - from buying the MHPS unit - within three years.