Reuters reported China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for Terex Corp after failing to agree terms, clearing the way for a smaller deal between Terex and Finland's Konecranes.
According to the Reuters report, the decision comes after months of merger talks between the three companies.
Read the full Reuters report: Konecranes-Terex Deal to Proceed as China's Zoomlion Drops Rival Bid