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.
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.
Dec. 9, 2013, 7:11 AM
- Terex (TEX) has agreed to sell its truck business, which sells off-highway rigid and articulated haul trucks, to Volvo Construction Equipment for $160M.
- "Trucks no longer fit within our changing portfolio of lifting and material handling businesses," said Terex CEO Ron DeFeo. The deal reflects the company's strategy to "focus on those businesses that provide the greatest returns for our shareholders."
- Terex plans to use the proceeds from the deal to help finance a stock buyback program and dividend payouts. (PR)
Oct. 23, 2012, 10:09 AMOver 100 Demag Cranes shareholders are suing Terex (TEX) for a payout of up to €200M following its $1.4B acquisition of the German company, Reuters reports. Under German law, companies that acquire 75% or more of another firm must offer compensation to remaining shareholders based on a company valuation, not the original bid price. Terex has offered €45.52/share but the investors want over €100. | Comment!
Oct. 13, 2012, 10:00 AMFive years after record fundraising for P-E firms, the shops still sit on much of that cash and are coming up against the time when they must "use-it-or-lose-it." As most would rather use it, Barron's screens for attractive targets - market cap of $1B-$10B, an Enterprise Value/EBITDA ratio below 10, and annual cash flow of at least 5% of stock market value. The winners: Guess (GES), Terex (TEX), Charles River Labs (CRL), and Big Lots (BIG). | 1 Comment
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May 2, 2011, 7:32 AMCrane 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) | Comment!
TEX vs. ETF Alternatives
Terex Corp is a lifting & material handling solutions company. It is engaged in delivering reliable, customer-driven solutions for commercial applications including construction, infrastructure, quarrying, mining & manufacturing, among others.
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