US lawmakers urge caution on potential $3.3b China’s Zoomlion bid to buy crane maker Terex Corp

Three U.S. lawmakers are urging the U.S. Treasury Department to conduct a rigorous national security review of any deal that China’s Zoomlion makes to buy U.S. crane maker Terex Corp.

Terex had reached a deal to be purchased by Finland’s Konecranes but has been considering an approach by Zoomlion. Last week, Terex urged the Chinese company to sweeten its $3.3 billion offer but did not say how much higher Zoomlion needed to go to win an agreement.

That has worried at least three lawmakers, who wrote to the Treasury Department, which heads the inter-agency Commission on Foreign Investment in the United States. CFIUS reviews mergers and investment by foreign firms that might harm national security.

Republican Representatives Mike Rogers of Alabama and Walter Jones of North Carolina wrote letters last week to U.S. Treasury Secretary Jack Lew urging that CFIUS carefully review the prospective deal because of Terex’s defense contracts.

“I strongly caution you to apply robust scrutiny to any possible Chinese takeover of an American company that supplies resources to our service members,” wrote Jones, who sits on the House of Representatives Armed Services Committee.

Republican Representative Duncan Hunter of California, who is also on the Armed Services Committee, wrote a similar letter in mid-February.

Also read:

Chinese deals firm Meituan-Dianping raises $3.3b in largest VC round in internet startups

ChemChina makes $43b bid to buy Swiss agrichem major Syngenta in largest overseas deal by Chinese firm

Alibaba to pay $1.25b for controlling stake in Ele.me, deal values Chinese food startup at $4.5b

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.