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Terex achieves minimum tender condition for Demag Cranes offer
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Terex Corporation has announced that the minimum acceptance level of 51 percent for the voluntary public tender offer by Terex Industrial Holding AG to all shareholders of Demag Cranes AG at EUR 45.50 per share has been exceeded.

Preliminary information indicates that the offer was accepted for a total of at least 14 million shares of Demag Cranes by the end of the acceptance period. This corresponds to approximately 67 percent all outstanding shares of Demag Cranes, and approximately 68 percent together with the shares of Demag Cranes previously purchased by Terex Industrial Holding AG.

According to the German Securities Acquisition and Takeover Act (WpÜG), shareholders of Demag Cranes who have not accepted the offer during the acceptance period will have the opportunity to tender their shares during an additional acceptance period of two weeks following the publication of the final tender results. The completion of the offer still remains subject to several other conditions, primarily the merger control clearance by the European Commission.

“We are pleased with the high level of support for this transaction from the shareholders and management of Demag Cranes,” said Ronald M. DeFeo, Terex Chairman and Chief Executive Officer.  “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 reports net sales of $4.4 billion in 2010 and 16,300 employees worldwide. Demag Cranes, headquartered in Dusseldorf, Germany, is a leading provider of industrial cranes, crane components, harbor cranes and port automation technology.

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 $5.8 billion in 2010 with a strong footprint in Europe and emerging markets, especially in China.