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Finland's Konecranes says Terex deal to go forward, shares rise

Reuters

HELSINKI (Reuters) - Finnish crane maker Konecranes (KCR1V.HE) on Friday said its proposed deal with U.S. Terex is set to go forward after China's Zoomlion dropped its rival bid.

"We've reached the result we wanted, and we are very pleased," chief executive Panu Ruotila told Reuters.

Konecranes agreed this month to buy Terex' crane business for ports and factories, but Terex had the right to back out of the deal for a fee this month in case it agreed with Zoomlion on a sale of Terex as a whole to Zoomlion.

Shares in the company rose 5 percent in early Helsinki trade.

(Reporting by Tuomas Forsell, editing by Jussi Rosendahl)