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China's Zoomlion drops bid for US crane maker Terex

Chinese heavy equipment maker Zoomlion said Friday it's abandoning its takeover bid for U.S. crane maker Terex because it failed to reach a deal after months of talks.

Zoomlion, which made its unsolicited offer at the start of the year, said in a filing Friday to the Hong Kong stock exchange that "no agreement can be made on the crucial terms" so it decided to terminate its offer.

The company added that the two sides had made "joint efforts to closely negotiate" over the proposal that valued Terex at $3.3 billion.

The announcement ends a complicated mating dance that began last August when Westport, Connecticut-based Terex Corp. and Finnish rival...

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