Hints and tips:
...Zoomlion has given up on its bid to by a controlling stake in American crane maker Terex, ending a long and convoluted courtship....
...The offer was then improved to $31 and Terex was mulling the deal....
...Terex and Konecranes terminated their plans to merge earlier this month....
...The future of Terex Corp has been hanging in mid-air since January, when Chinese conglomerate Zoomlion made a cash bid for the US industrial machinery group, disrupting an agreed all-share merger with Konecranes...
...to buy Terex....
...Terex and Konecranes agreed to an all-stock merger in November. Shares in Terex were up more than 7 per cent after Reuters first reported about Zoomlion’s higher offer....
...The offer was then improved to $31, and Terex was mulling the deal....
...when it emerged that Zoomlion had made a $3.3bn approach to buy Terex....
...The Financial Times reported last week that Terex had initially rebuffed the offer....
...Kito Corp, a Japanese crane maker, is hoping to beef up its European presence by bidding for Germany-based Stahl CraneSystems....
...it believes is in the best interests of Terex shareholders....
...Zoomlion has made a $3.3bn approach in the last few weeks to buy Terex....
Rule tweaks are not the answer to a dysfunctional system
...News of talks between Zoomlion and Terex came as a surprise to investors as, since August, Terex had been working on its merger with Konecranes....
...But it added: “Terex has entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal . . . the Terex board of directors, in consultation with its legal...
...Zoomlion made a cash bid for Terex, the US company, earlier this year, though the result of that overture is still uncertain....
...If Terex holders take the cash, Konecranes may wonder how its sensible offer could fail....
...But Chinese heavy equipment maker Zoomlion’s January approach for Terex has not gone as well....
...On Wednesday, the rush to acquire overseas assets continued as Zoomlion pushed ahead with its $3.3bn takeover bid for US crane maker Terex....
...Two crane makers, Terex of the US and Finland’s Konecranes, have somehow managed the financial equivalent....
...Zoomlion, a lossmaking and partially state-owned Chinese machinery company that is bidding for US rival Terex, has a debt multiple of 83; by comparison Terex’s is 3.6....
...For example, Zoomlion, a Chinese cranes and equipment group, has recently tried to gatecrash a deal between Terex of the US and Finland's Konecranes by making a rival bid for the former worth $3.3bn....
...It is unclear whether Ron Defeo, Terex chief executive, will stay with the combined company. Terex will nominate five directors to a new nine-member board, while Konecranes will elect the remainder....
...Aside from Caterpillar, shares of Joy Global fell 1 per cent to $15.59 and shares in Terex Corporation fell more than 5 per cent to $16.83....
...Zoomlion, a lossmaking Chinese machinery company that is partially state-owned, made a $3.3bn bid for US rival Terex last month. Its total debt stands at 83 times its ebitda....
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