The bidding battle for Terex has ‘officially’ begin.

With Asciano bidding battle just ‘closed’ with CIC as key investor, Zoomlion has secured financing for Terex bid of US $3.3 billion, topping the bid from Konecranes.

“Given the uncertainties involved with the merger and proposed acquisition (by Zoomlion), the decision was made to halt information sharing, work on integration, and synergies between the businesses, until further clarity can be had on the course of action,” Terex said.

Terex views Zoomlion’s bid as a realistic alternative since it had stopped integration work with Konecranes.

Zoomlion has offered $30 per share in cash for Terex, versus the Konecranes offer of 0.8 share for each Terex share which Terex shareholders stand to receive under the deal that was agreed upon in August.

Terex shares jumped as much as 9 percent after the news of the halt in Konecranes integration work, and were still up 4.2 percent at $23.02 in early afternoon on the New York Stock Exchange on Friday. Konecranes shares ended trading down 5.3 percent at 20.20 euros ($22.5) in Helsinki.

According to Chinese press, Zoomlion first reached out to Terex to express interest in Q4 2015 and made its latest offer on Dec. 4.

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