Chinese machinery maker Zoomlion said Wednesday that it has made for control of the Terex Corporation.
Zoomlion said it is in discussion with the American construction manufacturer maker about the proposed acquisition.
Terex said Zoomlion had made a cash offer to acquire all outstanding shares.
The Chinese machinery company said it will actively proceed with the proposed transaction.
Zoomlion has the support of financial institutions for the proposed acquisition, according to a clarification document about the proposed buyout.
Zoomlion considers that the acquisition will help its drive to go global and extend and upgrade the industrial chain of the company.
