In its stock exchange release of January 26, 2016 the company announced it has been notified by Terex Corporation (“Terex”) of the non-binding conditional proposal by Zoomlion Heavy Industry Science and Technology Co. to acquire Terex and that Konecranes will continue to pursue the merger of equals with Terex in accordance with the Business Combination Agreement and Plan of Merger (“BCA”). In this new situation Konecranes has made the BCA available for review on its website at www.konecranes.com/investors.
Terex Corporation confirms receipt of unsolicited proposal from Zoomlion
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.
Terex has entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal. Consistent with its fiduciary duties, the Terex Board of Directors, in consultation with its legal and financial advisors, is carefully reviewing the Zoomlion proposal to determine the course of action that it believes is in the best interests of Terex shareholders. Terex will have no further comment until the Board has completed its review.
Credit Suisse Securities (USA) LLC and Moelis & Company are serving as financial advisors to Terex and Fried Frank Harris Shriver & Jacobson LLP, Bryan Cave LLP and Avance Attorneys Ltd are acting as legal counsel to Terex.
Drop in cargo in 2015 at Port of Kiel
The decline in cargo is mainly the result of weak bulk cargo handling totals. Neither power station coal nor grain handling could show increases over the previous year. Dr Dirk Claus, Managing Director of the Port of Kiel (SEEHAFEN KIEL GmbH & Co. KG) said: “Despite the depressed bulk cargo handling we are satisfied with the results because the Port was able to hold its own in its hub business sectors. In addition we made some important changes in order to show grow once again this year. The handling of paper products from north Sweden, which has already begun, will contribute to this.” In the passenger transport sector Kiel profited from a strong season in cruise shipping, which led to increased passenger totals overall. “No other German seaport currently has more passengers who spend at
least one night on board a ferry or cruise ship than Kiel has,” Dirk Claus said.
Maersk Line's Samba to call at DP World London Gateway
The rotation of the service includes calls at Santos, Paranagua, Itajal, Buenos Aires, Montevideo, Rio Grande, Santos, Pecem, Algeciras, Rotterdam, DP World London Gateway Port, Bremerhaven, Antwerp, Algeciras and Santos.
DP World London Gateway’s ability to efficiently handle and inspect high volumes of refrigerated containers has contributed to Maersk Line shifting the UK port of call on this service. Quick truck turnaround times, less dwell time on containers before they are inspected and state-of-the-art inspection facilities will lead to a fast and reliable port service for customers. The opening of Berth Three at the port later this year will further enhance the service offering already available at the market-centric facility, located just 10 miles from the M25.
Simon Moore, CEO, DP World London Gateway, said: “It is very pleasing that Maersk Line’s alterations to its Samba service will now see it call at DP World London Gateway Port. “Maersk Line’s South Africa Europe Container Service has been calling here since 2013 and there are very clear advantages available to Maersk’s customers by calling at the UK’s newest, most advanced deep-sea port. Among these is our unrivalled ability to handle fresh produce and food products.
“Consistently low truck turnaround times and outstanding inspection services, coupled with our market-centric location and access to world class road and rail infrastructure, means products are delivered to market faster.”
Brian Godsafe, managing director, Maersk Line UK and Ireland, said: “We work with the ports that are able to support us in offering reliable services to our customers. “We enjoy a good relationship with the team at DP World London Gateway Port and have been pleased and impressed with recent service levels. We are certain that the move will be of benefit to our customers using the Samba service in and out of South America.”