21.11.2008

Terex cleared to buy Fantuzzi

European Union competition regulators have cleared the acquisition of Fantuzzi, port equipment by Terex.

The European Commission, said that the €215 million deal would not impede competition in the European market for port equipment, including gantry cranes and straddle carriers.

The Commission said its examination of the transaction “showed that the horizontal overlap between the parties’ activities is limited and that they would continue to face several strong, effective competitors with significant market shares.”

Terex had said that it expects to close the deal during the fourth quarter. Once Turkish approval has been announced.
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However in a late filing today the company said that it "has informed Fantuzzi that it believes that a material adverse change may exist with respect to the Fantuzzi business or other grounds exist which may preclude completion of this acquisition."

Terex has requested that Fantuzzi provide additional information in order to determine whether such a change has in fact occurred and whether all conditions of the deal have been satisfied.