China's Zoomlion Abandons Pursuit of U.S. Crane Maker Terex
May 27 2016 - 8:00AM
Dow Jones News
HONG KONG—Zoomlion Heavy Industry Science & Technology Co.
said it had decided to end talks over a proposed acquisition of
U.S. construction-crane maker Terex Corp.
The Chinese construction-machinery company said Friday in a
statement that despite negotiations between the two companies, "no
agreement can be reached on the crucial terms."
Zoomlion, which revealed its interest in Terex in January,
raised its bid for the U.S. company in March to $31 a share, or
$3.4 billion.
The Hong Kong-listed company said it would continue to seek
strategic opportunities for its long-term development, and further
procure its strategic transformation and industrial upgrading.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
May 27, 2016 07:45 ET (11:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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