Terex last week informed U.S. regulatory authorities that it has terminated its agreement to acquire Fantuzzi because of delays in approvals from competition authorities and other reasons. Terex reported in a regulatory filing Dec. 19 that “it believed that a material adverse change may exist with respect to the Fantuzzi business” and that it had requested additional information from Fantuzzi “to find a possibly mutually agreeable resolution.”
After Fantuzzi failed to provide Terex with the information requested and no resolution was reached, Terex advised Fantuzzi it was terminating the agreement, the filing said. Fantuzzi disputes the grounds for termination and is threatening legal action.
Based in Italy, Fantuzzi manufactures side loaders, reach stackers, cranes, forklift and other port equipment.