The planned merger of Terex Corporation and Konecranes has taken a step forward with Terex receiving the requisite consents from holders of its USD850 million senior notes due in 2021 and USD300million senior notes due in 2020.

The holders approved certain proposed amendments to the indentures governing "change of control" and other terms and conditions of the notes.

According to an official statement, "due to the receipt of the consents, and subject to certain remaining conditions to the consent solicitation, the merger will not constitute a "change of control" under the indentures governing the notes".

Consummation of the merger is expected to occur in the first half of 2016, subject to satisfaction of closing conditions, including approval by Terex and Konecranes shareholders.

Last month, Konecranes Plc and Terex Corporation announced plans to combine their businesses in a merger of equals. The combined company, to be called Konecranes Terex Plc, will be a leading global lifting and materials handling solutions company with estimated combined 2014 revenues and EBITDA of EUR7.5 billion (USD10 billion) and EUR636 million (USD845 million), respectively.

As reported by Forkliftaction.com News, the transaction is subject to approval by both Terex and Konecranes shareholders, regulatory approvals and other closing conditions. Konecranes and Terex expect to convene general meetings of their shareholders to approve the transaction in early 2016.