TEREX Corp., the U.S. crane and construction machinery maker that agreed to combine with Finnish competitor Konecranes Oyj, received an unsolicited takeover bid from China’s Zoomlion Heavy Industry Science & Technology Co.

    Zoomlion made an all-cash offer of US$30 a share for Terex, according to a statement yesterday from the Westport, Connecticut-based company. Terex has entered into a confidentiality agreement with Zoomlion and is in discussions regarding the proposal, according to the statement.

    Terex rebuffed an initial proposal from Zoomlion and is focused on completing the merger with Konecranes, sources familiar with the situation said earlier yesterday. While Zoomlion hasn’t abandoned its interest in Terex, it’s unclear if the Chinese company will improve its offer, the sources said.

    Konecranes and Terex agreed to an all-stock merger in August to create a crane and materials-handling supplier with a combined US$10 billion in sales.

    The enlarged group will be located in Finland and called Konecranes Terex Plc. Terex’s board of directors hasn’t changed its recommendation of the proposed combination with Konecranes, according to yesterday’s statement.

    (SD-Agencies)