BREAKING NEWS – Terex acquires 67% of Demag shares

Preliminary information indicates that the offer was accepted for a total of at least 14 million Demag shares.

Terex has also announced that it has received early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the offer and that it has formally filed the transaction with the European Commission. The completion of the offer still remains subject to several other conditions, primarily the merger control clearance by the EC.

Ronald DeFeo, Terex Chairman and CEO, said: “We are pleased with the high level of support for this transaction from the shareholders and management of Demag Cranes. With the addition of Demag Cranes to the Terex Group, we will add a new business segment with world-class products in industrial cranes/hoists and port technology. The success of our offer demonstrates the confidence in the compelling industrial rationale of this deal and the growth opportunities for both companies.”