Terex Corporation announced last week that it had received clearance from the European Union to complete its previously announced purchase offer for Demag Cranes AG. With this approval, the final condition of closing has been met, and settlement of the purchase offer completed. The purchase of shares tendered as part of the public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG is at EUR 45.50 ($65.34) per share. Terex now owns approximately 82% of the shares of Demag Cranes.
Ronald M. DeFeo, Terex Chairman and Chief Executive Officer, said: “We are very pleased with the addition of Demag Cranes to the Terex Group. Demag Cranes AG will add a new business segment to Terex with world-class products in industrial cranes and hoists, port technology and services. We are satisfied with the results of the tender process, and continue to believe strongly in the compelling industrial rationale of this deal and the growth opportunities for both companies.”
Demag Cranes AG will add a new business segment to Terex with world-class products in industrial cranes and hoists, port technology and service. Demag Cranes AG’s business is highly complementary to the existing Terex business, and the combination has compelling industrial logic, with a strong footprint in Europe and emerging markets.
