This week, Terex Corp. sold 8.9% of the total shares outstanding of Konecranes Plc, or 7 million of its Class A shares, at $41.86 (Euro 37.40) per share. Following the completion of the sale, Terex has approximately 5.15 million Class B Konecrane shares, or about 6.6% of the total shares outstanding of Konecranes.
Terex received 19.6 million newly issued Class B shares that represented a 25% interest in Konecranes following the sale of its Material Handling & Port Solutions segment in January 2017, as well as $835 million in cash. In February, Terex sold 7.5 million Konecranes shares for about $272 million and then owned 15.5% of the outstanding shares of Konecranes.
Due to Terex’s shareholding falling below 10% of all outstanding Konecranes shares in the share sale, the Terex appointed members to Konecranes’ Board of Directors, David Sachs and Oren Shaffer, have resigned from the board of directors as of May 23, 2017, in accordance with § 5 of Konecranes’ Articles of Association.