Terex Terminates Fantuzzi Agreement

Westport, Conn.-based Terex Corp. has announced that it has terminated the agreement to acquire the port equipment businesses of Fantuzzi Industries S.a.r.l.

In a filing with the Securities and Exchange Commission, Terex cited several reasons for the termination of the agreement, including the failure to obtain all necessary competition authority approvals without conditions, existence of a material adverse change, and other reasons.

Fantuzzi has advised Terex that it disputes the grounds for termination and has threatened to commence legal action. Discussions between the parties continue and the final outcome of the matter cannot be determined at this time.