US Terex wins 68% of Demag Cranes
US crane company Terex Corporation said Friday that it now controls 68 percent of German rival Demag Cranes at the end of a public offer that began on May 19.
The US group bought 67 percent of the shares in Demag at 45.50 euros ($66) each via the offer and now owns "approximately 68% together with the shares of Demag Cranes previously purchased by Terex Industrial Holding AG," a statement said.
"We are pleased with the high level of support for this transaction from the shareholders and management of Demag Cranes," it quoted Terex chairman and chief operating officer Ronald DeFeo as saying.
Terex raised its initial offer of 41.75 euros per share after Demag advised shareholders that it undervalued the German company.
Terex has estimated that the combined group would have had total revenues "of about $5.8 billion in 2010 with a strong footprint in Europe and emerging markets, especially in China."
© 2011 AFP