In the latest development following an abandoned merger between two major global equipment makers, U.S.-based equipment maker Terex Corp. has received approval from antitrust regulators in the U.S. and the European Union to sell its material-handling and port solutions (MHPS) business unit to Finnish-based Konecranes.

With a self-imposed deadline looming, Terex Corp. has called off talks with Zoomlion Heavy Industry Science and Technology Co. for the China-based equipment maker to acquire the U.S.-based company. Terex had announced on May 16 that it would be selling its material-handling and port-solutions [MHPS] business to Finland-based Konecranes for $1.3 billion, and that deal is expected to close in January 2017. 

Equipment manufacturer Terex Corp. announced May 16 that it is ending its plan to merge with Konecranes, and will instead sell its material-handling and port solutions [MHPS] unit to the Finnish-based company for $1.3 billion.

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.

The Cat M316F is one of three new F-Series wheeled excavators from Caterpillar.