US

China's Zoomlion drops bid for US crane maker Terex

Chinese heavy equipment maker Zoomlion says 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 in late January, 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 both sides had made "joint efforts to closely negotiate" on the proposal that valued Terex at $3.3 billion.

The announcement comes days after Westport, Connecticut-based Terex said it was pulling out of a proposed merger with Konecranes.

Instead, Terex will sell its cranes business to the Finnish company for $1.3 billion in cash and stock.