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  • Tue, Sep. 6, 9:33 AM
    • Konecranes (OTC:KNCRF) is launching the sale of its German unit Stahl, which it has to divest to get regulatory clearance for the acquisition of the crane and container handling segment of Terex (NYSE:TEX), Reuters reports.
    • The company has asked advisory boutique MCF Corporate Finance to find a buyer for the unit which had 2015 EBITDA of about €30M on sales of €145M.
    • Tentative bids, which may be valued at about €280M-€320M, are due in October.
    | Tue, Sep. 6, 9:33 AM
  • Mon, Aug. 8, 11:12 AM
    • Konecranes (OTC:KNCRF) has gained the conditional approval of the European Commission for the acquisition of Terex's (TEX -0.2%) crane and container handling segment after committing to selling its Stahl global business.
    • The move was considered sufficient to preserve competition in Germany and France, the European markets most affected by the merger.
    • The Commission also said that the deal cannot be completed before it has approved the buyer of the assets put up for sale.
    | Mon, Aug. 8, 11:12 AM
  • Fri, May 27, 11:49 AM
    • Terex (TEX -16.3%) tanks as much as 20%, as Zoomlion's (OTCPK:ZLIOY) terminated takeover bid for the company appears to surprise the market.
    • The move clears the way for TEX's planned $1.3B disposal of its Material Handling and Port Solutions segment to Konecranes (OTC:KNCRF), which had wanted a TEX takeover of its own; earlier this month, Konecranes negotiated the purchase of only the segment, the asset which it had always wanted most.
    • "After many months of discussions, Zoomlion was unable to provide a fully financed, binding proposal for the purchase of Terex with or without MHPS," TEX says.
    • Heard On The Street's Abheek Bhattacharya says Zoomlion's sudden withdrawal, combined with Anbang's mysterious end to its bid for Starwood Hotels, might prompt other potential takeover targets to "grill their Chinese suitors on whether they have the cash, or are truly willing to pay the price."
    | Fri, May 27, 11:49 AM | 4 Comments
  • Mon, May 16, 4:03 AM
    • 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.
    | Mon, May 16, 4:03 AM
  • Wed, Apr. 27, 10:36 AM
    • The proposed merger between Terex (TEX +0.3%) and Konecranes (OTC:KNCRF) looks even shakier after the Finnish crane maker says it expects lower tax benefits than previously estimated from a TEX tie-up.
    • Konecranes says all the proposed €32M ($36M) tax and financing synergies of the deal could be eliminated because of new proposals by U.S. regulators; the merged group was intended to be registered in Finland for tax reasons.
    • But Konecranes CEO Panu Routila tells Reuters that the companies continue to pursue the merger, and that TEX's board has not backed off its support of the deal despite its review of an offer from China's Zoomlion (OTCPK:ZLIOY).
    • "The impact [of the tax synergy elimination] is significant, so this is yet another factor that speaks on behalf of Terex turning to Zoomlion," says one analyst.
    | Wed, Apr. 27, 10:36 AM | 1 Comment
  • Mon, Apr. 11, 11:15 AM
    • Konecranes (OTC:KNCRF) will not engage in a bidding war for Terex (NYSE:TEX), CTFN's Sarah Cohen reports, stating the company would walk away from a deal should Terex (TEX +1.6%) agree to a takeover by Zoomlion (OTCPK:ZLIOY).
    • "We have no intention of competing with the Chinese government," said Stig Gustavson, vice chairman of the Konecranes board.
    • However, he confirmed that if Zoomlion's bid is successful, Konecranes would be interested in purchasing Terex' Demag Cranes unit.
    • Now read Zoomlion Offer Puts Terex In Driver's Seat
    | Mon, Apr. 11, 11:15 AM | 1 Comment
  • Wed, Apr. 6, 5:24 PM
    • Zoomlion (OTCPK:ZLIOY) is seeking to provide assurances to Terex (NYSE:TEX) over its proposed acquisition offer, after reaching broad agreement on price, Reuters reports.
    • Zoomlion has told TEX that it will cover the risk of the deal being approved by Chinese authorities, including the country's ministry of commerce, but TEX is seeking more assurances that any agreed-upon deal will be completed, according to the report.
    • TEX is said to want to decide as early as later this month on whether it will seek to abandon its merger with Konecranes (OTC:KNCRF) in favor of Zoomlion.
    | Wed, Apr. 6, 5:24 PM
  • Wed, Feb. 24, 3:57 PM
    • Volatility in Terex (TEX -0.2%) is attributed to a Reuters report that the company has told Zoomlion to sweeten its $30/share takeover offer in order for its to abandon its merger agreement with Konecranes (OTC:KNCRF).
    • TEX is said to have argued privately that synergies with Konecranes in the material handling and port systems businesses of the two companies mean that TEX is worth more than the $30/share Zoomlion has offered.
    • Zoomlion thus far is unwilling to raise its offer, according to the report.
    | Wed, Feb. 24, 3:57 PM | 2 Comments
  • Mon, Feb. 22, 11:16 AM
    • Konecranes (OTC:KNCRF) still expects a planned merger with Terex (NYSE:TEX) to go ahead although it may take longer than hoped to close it.
    • "The operative development work has come to a point where we can't go forward before we have approvals from competition authorities," Konecranes chairman Stig Gustavson said. "But everything else is going forward as it should be."
    • The statement was made in response to a Reuters report on Friday that stated Terex had halted operative integration with Konecranes, although the U.S. crane maker said it had not changed its recommendation in favor of merging with the latter.
    • Gustavson also commented that, in the best case, the deal was expected to close in "late June, or July-August."
    • Previously: Reuters: Terex stops work on Konecranes merger integration (Feb. 19 2016)
    | Mon, Feb. 22, 11:16 AM
  • Fri, Feb. 19, 11:36 AM
    • Terex (TEX +6.8%) spikes higher following a Reuters report that it has halted all work on its merger integration with Konecranes (OTC:KNCRF).
    • Information sharing and integration work with Konecranes will stop until the TEX board decides whether it will proceed with that transaction or pursue a sale to Zoomlion (OTCPK:ZLIOY), which has offered ~$3B to acquire TEX.
    • Finland's Konecranes and China's Zoomlion both want TEX to help them better cope with cooling Chinese and weak European demand.
    | Fri, Feb. 19, 11:36 AM | 2 Comments
  • Sep. 17, 2015, 8:00 AM
    • Terex (NYSE:TEX) -7.4% premarket after Finnish crane company Konecranes (OTC:KNCRF) lowered its full-year financial guidance; the two companies agreed to a merger last month.
    • Konecranes cites rapidly changing market sentiments within its Business Area Equipment segment, which are expected to lead to lower than expected deliveries during the rest of the year.
    • Konecranes now sees 2015 sales slightly higher than in 2014, and expects 2015 operating profit roughly the same as 2014; the company previously expected 2015 sales to be higher than in 2014 and 2015 operating profit to improve from 2014.
    | Sep. 17, 2015, 8:00 AM | 1 Comment
  • Aug. 11, 2015, 8:58 AM
    • Terex (NYSE:TEX) +22.7% premarket in reaction to its merger with Finnish competitor Konecranes (OTC:KNCRF), but most analysts are not impressed, citing a lack of real synergies and potential European antitrust problems.
    • BofA analysts think most of the synergies would be within the materials handling and port solutions business because there is very little elsewhere, and find it odd that TEX would merge with a foreign company that is under a CEO transition.
    • Morgan Stanley says it is "completely surprised" by the deal, and notes that TEX has yet to name a CEO and the Konecranes CEO lacks experience.
    • ISI Evercore upgrades TEX to Buy with a $35 price target, up from $27.
    | Aug. 11, 2015, 8:58 AM
  • Aug. 11, 2015, 3:26 AM
    • Terex (NYSE:TEX) and Finnish competitor Konecranes (OTC:KNCRF) have agreed to an all-share merger, creating a crane and materials-handling supplier with a combined $10B in sales.
    • The planned tie-up, which will be located in Finland and called Konecranes Terex, will be owned 60% by the shareholders of Terex and 40% by Konecranes investors.
    • Terex climbed 11.7% in after-hours trading on reports of the merger.
    • Previously: Bloomberg: Terex in talks to merge with Finnish rival Konecranes (Aug. 10 2015)
    | Aug. 11, 2015, 3:26 AM | 6 Comments
  • Aug. 10, 2015, 5:09 PM
    • Terex (NYSE:TEX) +12% AH after Bloomberg reports it is in advanced talks to merge with Finnish crane and construction machinery maker Konecranes (OTC:KNCRF), and an agreement could be announced as early as this week.
    • Konecranes, which serves manufacturing and process industries, shipyards, ports and terminals, had revenue of €~2B and net income of €74.4M in 2014.
    | Aug. 10, 2015, 5:09 PM
  • May 2, 2011, 7:32 AM

    Crane maker Terex (TEX) bids €884M ($1.31B) for Germany's Demag Cranes (DMGCF.PK) after the latter turns its back on talks. Analysts say they expect Terex will have to raise its offer to clinch the deal, with one saying that it may also face a counterbid from Finland's Konecranes (KNCRF.PK). (PR)

    | May 2, 2011, 7:32 AM