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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (4046)	1/26/2016 1:08:06 PM
From: richardred	Read Replies (1) \| Respond to of 7239

Terex Said to Rebuff Takeover Approach From China's Zoomlion January 26, 2016 — 10:59 AM EST Updated on January 26, 2016 — 11:41 AM EST U.S. crane maker still focused on merger with Konecranes Unclear whether Chinese company will improve proposal Terex Corp., the U.S. crane and construction-machinery maker that agreed to combine with Finnish competitor Konecranes Oyj, received a recent takeover approach from China’s Zoomlion Heavy Industry Science and Technology Co., according to people familiar with the matter. Terex rebuffed the proposal and is focused on completing the merger with Konecranes, the people said, asking not to be identified as the situation is private. While Zoomlion hasn’t abandoned its interest in Terex, it’s unclear if the Chinese company will improve on its offer, the people said. Terex shares surged as much as 17.9 percent and were up 15.2 percent at $17.79 at 11:23 a.m. in New York, the biggest increase since August, valuing the Westport, Connecticut-based company at about $1.9 billion. Konecranes shares were halted after rising as much as 9.4 percent to 20.79 euros in Helsinki. Representatives for Terex didn’t immediately respond to requests for comment. A spokesman for Zoomlion didn’t respond to calls and an e-mail after office hours requesting comment. Konecranes and Terex agreed to an all-stock merger in August, to create a crane and materials-handling supplier with a combined $10 billion in sales. The enlarged group will be located in Finland and called Konecranes Terex Plc, according to a statement at the time. Zoomlion is China’s second-biggest maker of construction equipment by revenue, trailing Sany Heavy Industry Co., data compiled by Bloomberg show. The $4.4 billion company is based in the central Chinese city of Changsha, where late revolutionary leader Mao Zedong attended school. One concern about the Chinese offer is that a Zoomlion takeover could potentially face U.S. opposition because of the strategic importance of crane operations on ports, one of the people said. Dutch firm Royal Philips NV last week canceled a planned $2.8 billion sale of its lighting-components unit to a consortium led by GO Scale Capital of China because of resistance from the U.S. regulator charged with vetting foreign acquisitions to protect national security, known as CFIUS. bloomberg.com