Terex has announced that it has acquired enough shares of Demag Cranes AG to complete its bid for the company. With 67% of shares of the industrial and port crane manufacturer, the US-owned crane builder has achieved the minimum acceptance level for the deal, which will now be subject to regulatory approval.
On Friday, Terex announced it had met the minimum conditions of the deal, which required it to purchase at least 51% of Demag Cranes shares. At the time of the announcement, Terex said that ‘preliminary information’ indicated that the €45.50 a share offer had been accepted by holders of 14m shares in the company.
This accounts for around 67% of all outstanding shares in the company, and around 68% in combination with Terex’s existing stake, held through its German arm, Terex Industrial Holding GmbH.
The deal will now need to be approved by regulators, including the European Commission, and to meet other conditions.
Ron DeFeo, Terex chairman and chief executive officer, 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.”
Terex’s announcement said, “Demag Cranes’ business is highly complementary to the existing Terex business, and the combination has compelling industrial logic. The combined entity would have had total revenues of about $5.8bn in 2010 with a strong footprint in Europe and emerging markets, especially in China.”
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