In a filing made to the US share regulator, the SEC, on 19 December, Terex referred to a previous announcement, saying it had told Fantuzzi “that it believed that a material adverse change may exist with respect to the Fantuzzi business or other grounds existed which may preclude completion of this acquisition, and requested that Fantuzzi provide Terex with additional information.
“Since the date that Terex informed Fantuzzi of its belief that a material adverse change existed, a series of discussions and negotiations occurred. Given the ongoing discussions, Terex waited to provide formal notice of the termination of the Fantuzzi agreements in an effort to obtain additional information [and] to find a possible mutually agreeable resolution. Fantuzzi failed to provide Terex with any of the additional information requested and no resolution was reached by the parties.
“On 15 December, 2008, Terex advised Fantuzzi that it was terminating the Fantuzzi agreements effective immediately due to (i) failure to obtain all necessary competition authority approvals without conditions, (ii) existence of a material adverse change, and (iii) other reasons. Fantuzzi has advised Terex that it disputes the grounds for termination and has threatened to commence legal action. Discussions between the parties continue and the final outcome of this matter cannot be determined at this time.”
