OREANDA-NEWS. On August 11, Konecranes and Terex Corporation ("Terex") announced that their respective Boards of Directors have unanimously approved a definitive agreement to combine their businesses in a merger of equals (“Merger”).

Merger-related integration planning has started in good co-operation. The integration teams are making progress in detailing the previously announced operational synergy opportunities and developing plans to achieve these cost savings.

Konecranes continues to be convinced that the Merger? represents a highly compelling opportunity for both companies and their shareholders, and stands behind and remains committed to the Merger. We believe that the stock market undervalues the inherent value-creation potential of the Merger. The merged entity, to be called Konecranes Terex Plc, is expected to deliver significant profitability upside based on expected market growth, on-going internal profitability improvement initiatives and synergies resulting from the Merger. The combined company will also have a solid capital structure and the ability to generate strong cash flow and shareholder returns through dividends and share repurchases.

In January 2016, the parties obtained antitrust clearances in India and Turkey. The parties have made the merger-related HSR filing to the United States Department of Justice and are in filing preparation and pre-notification discussions with the European Commission. Both companies will continue to cooperate with the remaining authorities to close their reviews as quickly as possible.

The transaction remains subject to approval by both Terex and Konecranes shareholders, regulatory approvals and other closing conditions. Closing of the transaction is expected to occur approximately mid-year 2016.