Terex Corporation has received clearance from the European Union (EU) to complete its purchase of Demag Cranes AG.
The approval from the EU represented the final condition before the deal could be closed, probably next week,said Terex.
"Demag Cranes AG will add a new business segment to Terex with world class products in industrial cranes and hoists, port technology and service. Demag Cranes AG's business is highly complementary to the existing Terex business, and the combination has compelling industrial logic, with a strong footprint in Europe and emerging markets," said a Terex spokesman.
In Terex Corporation's second quarter results, released in July, the company said the acquisition had progressed well following the acceptance of its €45.50 per share offer, up from a €41.75 per share offer, which was rejected. Terex forecasted a US$1.7 billion annual rise in net sales as result of the buyout.
"At the end of the extended offer period, preliminary results indicate that approximately 82% of the outstanding shares were tendered for purchase or are already owned by Terex," added Ron DeFeo, Terex chairman and CEO
See linked articles for the full history of this acquisition process.