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Zoomlion bids US$3.3B for Terex

Zoomlion, the Chinese construction, EM and environmental engineering group, has made an unsolicited cash offer for Terex Corp.
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The offer is non-binding and conditional, but nevertheless it could “drive a coach and four” through the planned Konecranes and Terex merger.

In a statement issued in Helsinki, Konecranes stated: “The Board of Directors of Konecranes has confirmed that Konecranes will continue to pursue the merger of equals with Terex as planned. Konecranes continues to believe that the merger‎ represents a highly compelling opportunity for both companies and their shareholders, and stands behind and remains committed to the merger.”

The prolonged slowdown of the Chinese economy and the sharp cut in construction starts has forced cash-rich Chinese companies to look abroad. Chinese firms have also had difficulty penetrating western markets – particularly the US – with own brand equipment.

Zoomlion already has a substantial global presence, with manufacturing affiliates or sales operations in more than 40 countries, along with industrial parks in Italy, Germany, India and Brazil.

Apart from an attempt to enter the reach stacker market several years ago, Zoomlion has no product overlap at all with Terex Port Equipment.

The all-cash offer is worth around US$30 per Terex share. The planned Terex/Konecranes merger is an all-stock merger.

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