Zoomlion Joins Chinese Buyers' Pursuit for Industrial Assets

Chinese buyers are showing a growing interest in the beaten down industrial sector, and the latest target to enter the spotlight is U.S. crane maker Terex Corp. (TEX). China's Zoomlion Heavy Industry Science and Technology recently launched a $3.3 billion bid for Terex, though the proposed deal may very well to face financing and regulatory hurdles. The Terex bid is one of a number of large industrial buyouts proposed by Chinese companies recently, joining Qingdao Haier Co.'s $5.4 billion General Electric Co. (GE) appliance unit buy and state-owned China National Chemical Corp.'s bid to acquire Swiss agribusiness giant Syngenta AG for $43.8 billion. Though the offers' specifics differ they all target businesses pressured by fears of a commodities slowdown and a general malaise about the world economy. The bids also provided at least a temporary floor under other beaten-down industrial companies, names like mining equipment manufacturer Joy Global Inc. (JOY) and crane maker Manitowoc Co. Inc. (MTW), on vague anticipation that other bids could materialize.