The chief executive of Finnish crane maker Konecranes (KCR1V.HE) said the industry would benefit from consolidation between large players and the company was open to talking about it. "We have said several times we are open to discussions, but we do not have any kind of forcing agenda," Chief Executive Pekka Lundmark told Reuters on Thursday. "This is a very fragmented market that risks being squeezed between large customers and large suppliers. Consolidation is necessary to secure our company's competitiveness." U.S. construction machinery maker Terex Corp (TEX.N) made a hostile $1.31 billion bid for Demag Cranes (D9CGn.DE) earlier this month, but Cevian, the biggest shareholder in Demag, said the offer was too low. Konecranes approached Demag last October, but earlier this year said it would not pursue a hostile takeover.
Terex Corporation (Terex) is a diversified global equipment manufacturer of a variety of machinery products. Shares of TEX traded higher by 1.88% or $0.58/share to $31.51. In the past year, the shares have traded as low as $16.79 and as high as $38.50. On average, 2130860 shares of TEX exchange hands on a given day and today's volume is recorded at 1803777.
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