Westport-based Terex Corp.’s talks with a Chinese suitor broke down today after disagreement on terms.
The breakdown cleared the way for Terex’s planned $1.3 billion disposal of a ports lifting-gear business to competitor Konecranes Oyj of Finland.
Shares of Terex closed down just over 14 percent at $20.89 on the news, after dropping 18 percent at the opening of trading.
Recent negotiations with Zoomlion Heavy Industry Science and Technology Co. hit an impasse over “crucial terms” despite joint efforts to find a solution, the Chinese company said in a statement early today, without giving further details.
Terex, based at the Nyala Farms office complex on Greens Farms Road, had initially agreed last year to merge with its Finnish rival, only to see the deal unravel with the unexpected entrance of Zoomlion.
After abandoning the August 2015 plan to combine, Konecranes earlier this month negotiated the purchase of Terex’s material handling and ports solution segment.
