Zoom­lion ends pur­suit of crane mak­erTerex

China Daily (Canada) - - BUSINESS -

Chi­nese con­struc­tion equip­ment maker Zoom­lionHeavy In­dus­try Sci­ence & Tech­nol­ogy Co Ltd has ter­mi­nated talks on a deal to ac­quire US crane maker Terex Corp, af­ter fail­ing to agree on price. Its vicechair­man Sun Changjun said for­eign com­pa­nies might at­tribute the fail­ure to non-mar­ket fac­tors such as govern­ment con­trol, which he de­nied. Zoom­lion proposed ac­quir­ing Terex at $31 per share in­March, and then af­ter agree­ing to sell its ma­te­rial han­dling and port so­lu­tions busi­ness to Fin­land’s Konecranes, it re­vised the bid.

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