Zoomlion ceases acquisition of Terex

Chinese machinery maker Zoomlion said Friday that it had stopped negotiations to acquire Terex Corp., after the two failed to reach consensus on key acquisition items.

Zoomlion said in January that it was in discussion with the American construction manufacturer about the proposed acquisition, adding that the move would help its drive to go global, and extend and upgrade the industrial chain of the company.

In March, Zoomlion said it was offering 31 U.S. dollars per share to acquire Terex, but the latter signed agreements with Finish company Konecranes in May to sell its material handling and port solution services.

Zoomlion proceeded with negotiations with Terex, but things did not work out. Industry insiders said the two sides may have failed to agree on the price offers for the rest of Terex's businesses. Endi