China’s second largest manufacturer of construction equipment, Zoomlion, is on track with a takeover bid for US crane and construction business, Terex after another suitor, Finland’s Konecranes, pulled out of merger talks
Zoomlion made an unsolicited offer for Terex earlier this year in the midst of merger talks between Konecranes and Terex.
Zoomlion is keen to grow its international footprint as the Chinese domestic market slows.
The Terex board initially recommended investors disregard the Zoomlion offer in favour of the Konecranes deal.
Terex will now proceed with selling its Material Handling and Port Solutions business to Konecranes in a deal worth $US1.3 billion.
The moves open the door to the Zoomlion bid which had previously offered to buy the company for $US31 a share.