Terex (TEX) Completes Sale Of 7 Million Shares Of Konecranes
Zacks Investment Research | May 23, 2017 10:08PM ET
Terex Corporation (NYSE:TEX) has completed the sale of 8.9% of the total shares outstanding of Konecranes Plc, or 7 million of its Class A shares at a price of EUR 37.40 ($41.86) per share. The price is at a 0.9% discount to Konecranes’ closing price on May 23, 2017. The shares concerned include both Class A and Class B Konecranes shares but does not include Konecranes treasury shares.
Following the completion of the sale, Terex will hold approximately 5.15 million Class B Konecrane shares, or approximately 6.6% of the total shares outstanding of Konecranes.
Terex had received 19.6 million newly issued class B shares representing a 25% interest in Konecranes following the sale of its Material Handling & Port Solutions (MHPS) segment to the latter in Jan 2017. Further, Terex had received approximately $835 million in cash. The sale was in sync with its efforts to simplify structure, systems and footprint in a bid to improve efficiency and enhance global competitiveness.
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