Terex needed just 51% of shareholders to accept its €45.50 per share offer by 30 June to proceed with takeover. It comfortably exceeded this.
Terex chairman and CEO Ron DeFeo 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.”
The Demag board has negotatiated terms for the deal that will protect the independence of their business and guarantees no redundancies for three years.
Terex is a global manufacturer operating in four business segments: aerial work platforms, construction equipment, cranes, and materials processing, with net sales of $4.4bn in 2010. Demag Cranes, headquartered in Dusseldorf, Germany, is a leading provider of industrial overhead travelling cranes, crane components, mobile harbour cranes and port automation technology. Its sales last year were $1.4bn.