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Konecranes Soars After Deal to Buy $1.3 Billion Terex Unit

  • Stock gains 20 percent; Terex shares advance in U.S. trading
  • China’s Zoomlion interested in buying rest of Terex business
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Konecranes Oyj shares soared after the crane maker agreed to buy a lifting-gear business from Terex Corp. for about $1.3 billion, abandoning a full merger plan and paving the way for China’s Zoomlion Heavy Industry Science & Technology Co. to buy the rest of the U.S. company.

Konecranes will pay $820 million in cash and 19.6 million shares for Terex’s material-handling and ports-solutions division, MHPS. It’s targeting savings of 140 million euros ($158 million) from a three-year integration program, the Hyvinkaa, Finland-based company said in a statement on Monday.