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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
  • Fri, May 27, 7:57 AM
    • No agreement can be reached on crucial terms, says Zooomlion.
    • Terex (NYSE:TEX) -17.8% premarket.
    | Fri, May 27, 7:57 AM
  • 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, Mar. 23, 4:23 PM
    • Terex (TEX -2.7%) is up 9.3% after hours on word it will move forward on buyout talks with Zoomlion (OTCPK:ZLIOY), after receiving a revised (nonbinding) offer to buy Terex for $31/share in cash.
    • The deal's been hung up on price rather than any regulatory concern. Last week, Zoomlion boosted its offer to more than $3.4B with a $30/share cash offer combined with a $1/share special dividend.
    • Terex is pushing toward obtaining a binding offer that provides for "a high degree of closing certainty." Its board says it hasn't changed its recommendation in support of an existing proposed combination with Konecranes, which would have to agree on a deal termination or face a vote down from Terex shareholders.
    | Wed, Mar. 23, 4:23 PM
  • Tue, Mar. 15, 2:05 PM
    • Zoomlion (OTCPK:ZLIOY) has raised its takeover offer for Terex (TEX +7%) to more than $3.4B by adding a $1/share special dividend to its previous $30/share cash offer, and TEX has responded by asking for $32.75/share in cash to agree to sell itself to Zoomlion and terminate its merger agreement with Konecranes, Reuters reports.
    • The main stumbling block is the price, rather than concerns that the U.S. could block the deal because of TEX's ties to the U.S. military and presence in U.S. ports, according to the report.
    • The discussions have not advanced beyond price, and Zoomlion's banks are waiting for TEX to provide access required for their due diligence in order to finalize their financing commitments, Reuters says.
    | Tue, Mar. 15, 2:05 PM | 7 Comments
  • 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
  • Wed, Feb. 17, 7:40 AM
    • China's Zoomlion has confirmed an offer for Terex (NYSE:TEX) that values the crane maker at about $3B.
    • It also said it was confident the deal would win regulatory approval, and would finance the offer with 40% of its own cash and 60% debt financing.
    • In January, Terex said it received an offer from Zoomlion, which helped pushed up the U.S. company's shares as much as 60%.
    • TEX +5.3% premarket
    • Previously: Terex misses by $0.02, beats on revenue (Feb. 16 2016)
    | Wed, Feb. 17, 7:40 AM
  • Tue, Feb. 2, 8:42 AM
    • Chances that China's Zoomlion will succeed in gatecrashing Terex's (NYSE:TEX) pending merger with Konecranes is quite high, CTFN reports.
    • Although Terex has pointed out that its board hasn't changed its recommendation of the proposed combination with Konecranes, the company said it's also carefully reviewing the Zoomlion proposal "to determine the course of action that it believes is in the best interest to Terex shareholders."
    • TEX -1.1% premarket
    • Previously: Terex-Zoomlion talks continue despite U.S. concerns (Jan. 29 2016)
    • Previously: Terex confirms buyout bid from China’s Zoomlion (Jan. 26 2016)
    | Tue, Feb. 2, 8:42 AM | 2 Comments
  • Fri, Jan. 29, 9:07 AM
    • Terex's (NYSE:TEX) sale discussions with China's Zoomlion are continuing despite concerns the $3.3B unsolicited deal could be blocked by the Committee on Foreign Investment in the United States, Reuters reports.
    • CFIUS, set up by the U.S. government to scrutinize deals that could pose national security threats, has been increasingly flexing its muscle amid intensifying Chinese interest in foreign investments.
    • Previously: Terex confirms buyout bid from China’s Zoomlion (Jan. 26 2016)
    | Fri, Jan. 29, 9:07 AM | 4 Comments