Zoomlion Profits Fall 90%
29 January 2016
Just days after Terex Corp. said it had received an unsolicited bid $3.3 billion for the company from China’s Zoomlion, the latter said its 2015 net profit would fall by up to 90 % due to the slowdown in its market, according to a report from Reuters.
The weak yuan also hurt its earnings, it added. Zoomlion estimated net income of $7.60 to $15.20 million compared to $90.34 million a year earlier, it said in a stock exchange filing.
Earlier this week Terex Corp. said that it has received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology Co. to acquire all of the outstanding shares of Terex for $30.00, in cash, or about $3.3 billion. The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval.
Terex previously announced that it had entered into a business combination agreement with Konecranes Plc providing for a combination of Terex and Konecranes. The Terex board of directors has not changed its recommendation of the proposed combination with Konecranes and that process will apparently continue.
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