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HELSINKI, Aug 11 (Reuters) - U.S. heavy equipment maker Terex and Finland's Konecranes have agreed on an all-share merger to complement their businesses and achieve cost savings, the companies said on Tuesday.
The planned tie-up, which had combined sales of $10 billion in 2014, will be owned 60 percent by the shareholders of Terex and 40 percent by Konecranes' owners, the companies said.
Terex shareholders will get 0.80 Konecranes shares for each existing Terex share.
Terex makes heavy equipment for sectors including mining, construction and shipping, while Konecranes is focused on cranes for factories, shipyards and terminals.
"Konecranes Terex will be in an excellent position to deliver enhanced growth in revenues and margins through several strategic advantages, including significant cross-selling opportunities," Konecranes Chairman Stig Gustavson said.
The deal is expected to close in early 2016 and generate annual net income benefits of $119 million within three years, the companies said in a joint statement.
(Reporting by Jussi Rosendahl; editing by Jason Neely)