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Ben Westcott

Chinese heavy machinery manufacturer Zoomlion said Wednesday it has reaffirmed its commitment to acquiring US construction crane maker Terex Corporation, in a deal valued at US$3 billion.
Zoomlion will offer US$30 per share for the company, or a 41 per cent premium over Terex’s current closing price of about US$21.22, the company said in an announcement to the Hong Kong Stock Exchange on Wednesday.
The Hunan-based company said it was confident the deal would receive regulatory approval from the relevant bodies.
“[We] believe that this proposed transaction offers strategic benefits to both companies... after the completion of the proposed transactions, [Zoomlion] and its subsidiaries will feature a more comprehensive product chain and wider product coverage,” the statement said.
Zoomlion had previously made an offer to Terex for their company, which the latter announced receipt of on January 26.
But a previous merger announced between Terex and Finnish company Konecranes in August 2015 was holding up the deal, according to a Zoomlion spokeswoman.
According to Zoomlion, the deal will be financed with 40 per cent of its own cash reserves and 60 per cent in debt financing.


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Mergers & Acquisitions

China’s Zoomlion in US$3bn bid for US crane-manufacturer Terex

A Zoomlion company logo is seen on an advertisement as passengers walk past at an airport in Changsha, Hunan province in this July 13, 2013 file photo. Chinese construction machinery maker Zoomlion Heavy Industry Science and Technology Co Ltd has told analysts it rejected some 15 percent of new orders for truck-mounted concrete pumps in the first half for fear that China's property market slowdown will hit customers' ability to pay for them. Picture taken July 13, 2013. REUTERS/Stringer/Files (CHINA - Tags: BUSINESS LOGO) CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA

Changsha Zoomlion Heavy Industry Science & Technology Development Co., Ltd. chairman & CEO Zhan Chunxin (left) shows off a model to Hong Kong Exchanges and Clearing Ltd. chief executive Charles Li during their company listing on the main board of the SEHK. 23DEC10

A Zoomlion company logo is seen next to its excavators at an exhibition in Shanghai, in this November 29, 2012 file photo. Photo: Reuters

Business

Zoomlion’s offer of US$30 per share represents a 41 per cent premium to Terex’s recent closing price


.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Zoomlion’s offer of US$30 per share represents a 41 per cent premium to Terex’s recent closing price

Zoomlion’s offer of US$30 per share represents a 41 per cent premium to Terex’s recent closing price