China's Zoomlion abandons pursuit of cranemaker Terex

London

ZOOMLION of China is dropping its pursuit of US crane and heavy equipment maker Terex Corp.

Terex and Konecranes of Finland announced in August that they would merge in an all-stock deal, but Zoomlion swooped in with a competing bid in January to acquire Terex for US$30 a share in cash, or about US$3.3 billion. Zoomlion raised its bid to US$31 a share in March.