Terex Completes Purchase of Demag Cranes AG
Terex Corp., Westport, Conn., has 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 ("Demag Cranes") 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."