Seeking Alpha

Konecranes Plc (KNCRF)

- Grey Market
  • Tue, Aug. 11, 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.
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  • Tue, Aug. 11, 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)
  • Mon, Aug. 10, 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.
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  • 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)
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