{"id":3613,"date":"2016-05-27T13:34:33","date_gmt":"2016-05-27T13:34:33","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=3613"},"modified":"2016-05-27T13:34:33","modified_gmt":"2016-05-27T13:34:33","slug":"chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/","title":{"rendered":"China\u2019s Zoomlion Abandons Pursuit of U.S. Crane Maker Terex"},"content":{"rendered":"<h2 class=\"sub-head\">The bid is the latest Chinese outbound M&amp;A deal to fall through, making bankers and potential acquisition targets wary<\/h2>\n<p>China\u2019s <a href=\"http:\/\/en.zoomlion.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Zoomlion<\/a> Heavy Industry Science &amp; Technology Co. walked away from a proposed multibillion-dollar acquisition of U.S. crane maker <a href=\"http:\/\/www.terex.com\/en\/\" target=\"_blank\" rel=\"noopener noreferrer\">Terex Corp.<\/a>, the latest Chinese takeover deal to fall through.<\/p>\n<p>The Chinese maker of cranes and bulldozers had been in takeover negotiations with Connecticut-based Terex since late January, when it shouldered aside another suitor and made a $3.3 billion bid for the company. On Friday, Zoomlion said in a statement that \u201cno agreement can be reached on the crucial terms.\u201d<\/p>\n<p>Two people familiar with the situation said Zoomlion and Terex couldn\u2019t agree on price. Three other people also said Zoomlion didn\u2019t complete financing for the deal.<\/p>\n<p>Zoomlion\u2019s bid is the latest in a string of Chinese outbound M&amp;A deals to fall through recently\u2014a record that has started to make bankers and potential acquisition targets wary of dealing with Chinese buyers. One of the most prominent was Anbang Insurance Group Co.\u2019s abrupt dropping of a $14 billion bid to buy Starwood Hotels &amp; Resorts Worldwide Inc. The acquisitive Chinese insurer, which had started a bidding war with Marriott International Inc. for the hotel chain, suddenly dropped its offer in March, citing only \u201cvarious market considerations.\u201d<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.wsj.com\/articles\/terex-zoomlion-another-chinese-deal-bites-the-dust-1464351042\"><strong>Terex-Zoomlion: Another Chinese Deal Bites the Dust<\/strong><\/a><\/p>\n<\/blockquote>\n<p>Such behavior, as well as the intense scrutiny Chinese takeovers often attract from regulators such as the U.S. Committee on Foreign Investment, has made deal makers view acquisitions by Chinese companies as riskier than normal, bankers say. That wariness also accompanies a record overseas buying spree by Chinese companies, which have announced $119 billion in outbound deals as of Monday. That is more than the $107 billion for all of 2015, according to Dealogic.<\/p>\n<p>Zoomlion\u2019s pursuit of Terex started in January, when it made an unsolicited all-cash $3.3 billion bid for the company. The bid halted a previously agreed all-stock merger between Terex and Finnish crane maker Konecranes Oyj. In March, Zoomlion raised its bid to $31 a share, or $3.4 billion.<\/p>\n<p>Terex had been pressuring its Chinese suitor to fully finance and complete the offer, people familiar with the deal said. Finally, on May 16, the U.S. company said it would sell part of its crane business to Konecranes for $1.28 billion in cash and stock, unless it reached an agreement to sell the entire company to Zoomlion by May 31.<\/p>\n<p>Partly owned by the Hunan provincial government in central China, Zoomlion had tapped a number of state-owned banks, including China Development Bank, China Construction Bank and Bank of China, to fund the Terex deal, according to people familiar with the situation. China Development Bank was expected to lead the financing, they said. However, the policy bank had not yet provided a commitment letter to the company, one of the people said.<\/p>\n<p>Chinese officials have been trying to slow a money exodus from the country, making life tougher for companies that need to trade the yuan for dollars to do business. The country\u2019s foreign-exchange regulator in recent months had asked banks to increase scrutiny of foreign-currency transactions, The Wall Street Journal earlier reported, which could be a delaying factor in many of China\u2019s outbound deals, according to bankers and lawyers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bid is the latest Chinese outbound M&amp;A deal to fall through, making bankers and potential acquisition targets wary China\u2019s Zoomlion Heavy Industry Science &amp; Technology Co. walked away from a proposed multibillion-dollar acquisition of U.S. crane maker Terex Corp., the latest Chinese takeover deal to fall through. The Chinese maker of cranes and bulldozers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,8],"tags":[1471,1640],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>China\u2019s Zoomlion Abandons Pursuit of U.S. Crane Maker Terex - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s Zoomlion Abandons Pursuit of U.S. Crane Maker Terex - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"The bid is the latest Chinese outbound M&amp;A deal to fall through, making bankers and potential acquisition targets wary China\u2019s Zoomlion Heavy Industry Science &amp; Technology Co. walked away from a proposed multibillion-dollar acquisition of U.S. crane maker Terex Corp., the latest Chinese takeover deal to fall through. The Chinese maker of cranes and bulldozers [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/\" \/>\n<meta property=\"og:site_name\" content=\"MachineMarket Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-27T13:34:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/machine.market\/blog\/wp-content\/uploads\/2016\/05\/zoomlion1_0.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"880\" \/>\n\t<meta property=\"og:image:height\" content=\"587\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/machine.market\/blog\/#organization\",\"name\":\"CraneMarket | Cranes for Sale and Rent\",\"url\":\"https:\/\/machine.market\/blog\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/machine.market\/blog\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/machine.market\/blog\/wp-content\/uploads\/2019\/03\/crane-market-logo.png\",\"width\":282,\"height\":81,\"caption\":\"CraneMarket | Cranes for Sale and Rent\"},\"image\":{\"@id\":\"https:\/\/machine.market\/blog\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/machine.market\/blog\/#website\",\"url\":\"https:\/\/machine.market\/blog\/\",\"name\":\"MachineMarket Blog\",\"description\":\"Machine News\",\"publisher\":{\"@id\":\"https:\/\/machine.market\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/machine.market\/blog\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/machine.market\/blog\/wp-content\/uploads\/2016\/05\/zoomlion1_0.jpg\",\"width\":880,\"height\":587,\"caption\":\"Chinese heavy-machinery equipment maker Zoomlion Heavy Industry Science and Technology Co ended negotiations to purchase cranemaker Terex Corp after failing to agree on terms four months after making an unsolicited offer.\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/#webpage\",\"url\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/\",\"name\":\"China\\u2019s Zoomlion Abandons Pursuit of U.S. Crane Maker Terex - MachineMarket Blog\",\"isPartOf\":{\"@id\":\"https:\/\/machine.market\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/#primaryimage\"},\"datePublished\":\"2016-05-27T13:34:33+00:00\",\"dateModified\":\"2016-05-27T13:34:33+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/\"]}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/#webpage\"},\"author\":{\"@id\":\"https:\/\/machine.market\/blog\/#\/schema\/person\/d55314291bc2800387533231d1e82150\"},\"headline\":\"China\\u2019s Zoomlion Abandons Pursuit of U.S. Crane Maker Terex\",\"datePublished\":\"2016-05-27T13:34:33+00:00\",\"dateModified\":\"2016-05-27T13:34:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/#webpage\"},\"publisher\":{\"@id\":\"https:\/\/machine.market\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/cranemarket.com\/blog\/chinas-zoomlion-abandons-pursuit-of-u-s-crane-maker-tere\/#primaryimage\"},\"keywords\":\"terex,zoomlion\",\"articleSection\":\"Constuction &amp; 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