The construction machinery market in India is booming. Infrastructure and construction projects are benefiting from long-term support thanks to reforms passed by the Indian government. These are positive signs that are also reflected in the number of companies signing up for the next bauma CONEXPO INDIA.
HONG KONG (AP) — Chinese heavy equipment maker Zoomlion says it's abandoning its takeover bid for U.S. crane maker Terex because it failed to reach a deal after months of talks. Zoomlion, which made its unsolicited offer in late January, said in a filing Friday to the Hong Kong stock exchange that "no agreement can be made on the crucial terms" so it decided to "terminate" its offer.
Konecranes is to acquire the Demag overhead and Gottwald port crane division of Terex as the two agree to end all merger talks. Terex has agreed to sell its industrial and port crane services business – largely the Demag overhead crane and Gottwald port cranes business - to Finland's Konecranes.
Retuers is reporting a record quarterly loss for China's Zoomlion Heavy Industry Science and Technology Co has raised questions over the indebted company's ability to finance its $3.4 billion bid for U.S. crane maker Terex Corp. Zoomlion posted on Friday a net loss of 660.3 million yuan ($101.50 million) for the January-March quarter, compared with a year-ago loss of 383.4 million for that period.
Businesswire is reporting that Terex Corporation has announced that it has received a revised non-binding proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $31.00 per share in cash. The proposal is conditioned on, among other things, receipt of U.S.
Reuters is reporting that China's Zoomlion Heavy Industry Science & Technology Co Ltd (000157.SZ) has raised its bid for U.S. crane maker Terex Corp (TEX.N), according to people familiar with the matter, as it challenges Terex's merger with Finland's Konecranes (KCR1V.HE).
The website Dealstreetasia is reporting that three U.S. lawmakers are urging the U.S. Treasury Department to conduct a rigorous national security review of any deal that China's Zoomlion makes to buy U.S. crane makerTerex Corp. Terex had reached a deal to be purchased by Finland's Konecranes but has been considering an approach by Zoomlion.
Reuters is reporting that U.S. crane maker Terex Corp has told Chinese peer Zoomlion to sweeten its $3.3 billion offer in order for it to abandon its merger agreement with Finland's Konecranes , according to people familiar with the matter. Terex's response shows that Zoomlion has made little progress toward a deal since its offer was disclosed publicly by Terex a month ago.
Bloomberg Business is reporting that Terex received an unsolicited takeover bid from China's Zoomlion Heavy Industry Science & Technology Co. Tuesday from the Westport, Connecticut-based company. That values Terex at about $3.3 billion, data compiled by Bloomberg show.