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Konecranes Plc (“Konecranes” or the “Company”) has received information regarding Terex Corporation's ("Terex") intention to sell up to 7,450,000 shares in Konecranes (the “Share Sale”), corresponding to approximately 9.5 percent of all outstanding shares in Konecranes (excluding treasury shares). Prior to the Share Sale, Terex owns 19,600,000 Class B shares in the Company. The Share Sale will be based on an accelerated book-building process, which will be launched immediately. The pricing of the Share Sale will be agreed at the close of the book-building process, and the results and pricing of the Share Sale will be announced by Terex as soon as practicable thereafter.
According to the shareholders agreement between Terex and Konecranes dated January 4, 2017 (the “Shareholders Agreement”), Terex has the right to sell Class B shares only after a three-month lock-up period and Terex has also under the Shareholders Agreement and Konecranes's Articles of Association agreed to certain transfer restrictions on its Konecranes shares, including a restriction (subject to certain exceptions) that no purchase of shares sold by Terex will result in the purchaser owning more than 3% of the total number of Konecranes shares. The Company has granted Terex a temporary waiver of the lock-up period under the Shareholders Agreement and also agreed to the potential sale of up to additional 3% of the total number of Konecranes shares to any existing shareholders participating in the Share Sale despite their earlier shareholding in Konecranes.
The Company intends to convert any shares sold in the Share Sale to Class A shares subject to the receipt of a conversion request in accordance with Konecranes's Articles of Association.
KONECRANES PLC
Miikka Kinnunen
Vice President, Investor Relations
FURTHER INFORMATION
Miikka Kinnunen, Vice President, Investor Relations, Konecranes Plc, tel. +358 (0)20 427 2050
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. The Group has 18,000 employees at 600 locations in 50 countries. Konecranes class A shares are listed on the Nasdaq Helsinki (symbol: KCR).
DISTRIBUTION
Nasdaq Helsinki
Major media
www.konecranes.com