China-based Zoomlion may have ruffled some feathers when it offered to buy Terex Corp. for roughly twice its share price, but according to sources with Terex the long-planned merger with Finland-based Konecrane is still moving along.
“We have had a Konecrane-Terex merger that was announced four or five months now,” says David Rinas, director of sales and marketing for Terex Construction, a unit of Terex Corp. “And then, unexpectedly, a week and a half ago, we received an unsolicited offer from Zoomlion, and it’s substantial and real offer, so we formed a committee of the board to enter into further discussions with Zoomlion.”