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Terex completes sale of shares of Konecranes

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Dry Bulk,


Terex Corp. has completed the sale of 5.15 million Class A shares representing approximately 6.5% of the total shares outstanding of Konecranes Plc at a price of €36.50 per share.

Total shares outstanding includes both Class A and Class B shares but does not include Konecranes treasury shares.

The trade date of the transaction was set for 6 September 6, 2017, and settlement of the transaction is expected to occur on 11 September 2017.

John L. Garrison, Terex President and CEO, stated: “With today’s sale, Terex has sold its remaining Konecranes shares. When we announced the sale of MHPS in May 2016, the Konecranes shares that Terex was to receive were worth approximately $456 million. In total, Terex will have received approximately $773 million for the sale of those shares, bringing the total consideration received by Terex for the disposition of MHPS to approximately $1.6 billion. These amounts demonstrate the significant value to Terex shareholders that was created by the sale of our MHPS segment and the Konecranes-MHPS combination.”

Read the article online at: https://www.drybulkmagazine.com/material-handling/12092017/terex-completes-sale-of-shares-of-konecranes/

 

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