Fantuzzi purchase may not go ahead

News Story
- 27 Nov 2008 ( #388 ) - Westport, CT, United States
1 min read
Fantuzzi reachstacker
Fantuzzi reachstacker
Terex Corporation has been given the go-ahead by the European Commission (EC) to finalise its acquisition of Italian port equipment manufacturer Fantuzzi Industries. However, the sale may not proceed after Terex announced concerns about a "material adverse change".

In a statement to the US Securities Exchange Commission, Terex says it has informed Fantuzzi "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".

The EC approved the deal on November 19, saying it found the purchase would not impede competition in the European Union. "The commission's examination of the proposed 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. The commission therefore concluded that the proposed acquisition would not raise competition concerns."

Terex announced in August it had reached an agreement to acquire Fantuzzi Industries for approximately EUR215 million (USD318 million). The transaction was subject to the EC's approval (Forkliftaction.com News #374) .

Terex has asked Fantuzzi for more information so it can clarify if there has been any change to the Italian manufacturer's business and to the conditions that must be met for the purchase to go ahead.

Fantuzzi has issued a statement saying it is 'extremely surprised' by Terex's announcement.
Also Read:
Pyroban adds EU distributor
Pyroban adds EU distributor 22 Jul 2021 - Shoreham, United Kingdom - 1 min read
Flux Power ships battery packs
Flux Power ships battery packs 29 May 2014 - Vista, CA, United States - 2 min read
TICO extends offer for Cascade shares to 21 March 7 Mar 2013 - Kariya, JAPAN and Fairview, OR, United States - 1 min read
Previously about:
Fantuzzi deal cancelled News Story - 15 Jan 2009 - Westport, CT, United States - 1 min read
New framework to simplify freight services News Story - 18 Dec 2008 - Prague, Czech Republic - 1 min read
Fantuzzi confirms Terex arbitration News Story - 19 Feb 2009 - Lentigione, Italy - 1 min read
Fantuzzi deal cancelled News Story - 15 Jan 2009 - Westport, CT, United States - 1 min read
Container crane numbers climb News Story - 4 Sep 2008 - Surrey, United Kingdom - 1 min read
Terex finishes year strongly News Story - 16 Feb 2023 - Norwalk, CT, United States - 1 min read
Terex invests in Acculon Energy  News Story - 4 Aug 2022 - Bothell, WA, United States - 1 min read
Terex acquires Steelweld News Story - 28 Apr 2022 - Norwalk, CT, United States - 1 min read
Do you have materials handling news? Submit your news here

Showcased in the Virtual Expo

Keep your workforce & warehouse infrastructure safe with ELOKON’s range of safety, assistance, & warning systems for forklift trucks & AGVs. Ensure optimum productivity & fleet utilization as well as reduced downtime with the cloud-based forklift fleet management system, ELOfleet. Along with other products from the global leader in industrial vehicle safety, these are based on the use of smart technology to prevent accidents & improve material handling procedures.

www.elokon.com 

Words of support …

After advertising with Forkliftaction.com, we got many enquiries regarding interest to be our distributor. Mostly from Europe and USA but including a few in ASEAN. We feel that the advertisement was useful and good for market expansion.

Lawrence Xu, Assistant Sales Manager - Showa Denko

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

“After advertising with Forkliftaction.com, we got many enquiries regarding interest to be our distributor. Mostly from Europe and USA but including a few in ASEAN. We feel that the advertisement was useful and good for market expansion.”

When Laurence Xu, Assistant Sales Manager for Showa Denko used a simple TextAd in search of distributors he was pleased with the results.

To learn about Forkliftaction's audience and advertising options: Download the MEDIA KIT.

PREMIUM business

Ningbo Ruyi Joint Stock Co., Ltd.
Manufacturer of forklifts, power stackers & pallet trucks.

Are you recruiting? Find your ideal candidate among a diverse range of materials handling professionals:

Forkliftaction's JOB MARKET

SNDC, manufacturer of electric air conditioning systems, will exhibit at TOC Rotterdam (13-15 June, Booth G.60) and Inter Airport Munich (10-13 October).
We are pleased to introduce our new range of electric air conditioners, especially with heat pump technology, and refrigerant service stations for reefer containers.
SNDC is well known for their innovative solutions, don’t hesitate to visit us at these trade shows dedicated to Terminal Handling.

Visit sndc.net.