Terex Bids $1.3 Billion for Demag Cranes to Boost Its Port Equipment Sales

Terex Corp. (TEX), a U.S. heavy-equipment manufacturer, bid for Demag Cranes AG (D9C) in an offer valuing the German company at about 883.9 million euros ($1.3 billion) to expand in harbor cranes. Terex, which has its headquarters in Westport, Connecticut, is bidding 41.75 euros for each share of Dusseldorf-based Demag Cranes, the U.S. company said today in a statement. The offer, which is 15 percent more than Demag’s closing price on April 29, requires acceptance from at least 51 percent of Demag Cranes shareholders, Terex said.