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Wednesday, May 18, 2011

Demag Cranes says market has voted on Terex offer, (NYSE: TEX)

The market has already voted on the offer that Terex (TEX.N) has made for German rival Demag Cranes (D9CGn.DE), the German crane maker's chief financial officer said on Wednesday. Terex plans to publish the offer documents on Thursday, two sources close to the U.S.-based company said. Terex declined to comment. Demag Cranes shares currently trade at 46.78 euros, 12 percent above the U.S. construction machinery maker's 41.75 euros offer valuing Demag at about $1.3 billion.

Terex Corporation (Terex) is a diversified global equipment manufacturer of a variety of machinery products. Shares of TEX traded higher by 1.35% or $0.39/share to $29.36. In the past year, the shares have traded as low as $16.79 and as high as $38.50. On average, 2186340 shares of TEX exchange hands on a given day and today's volume is recorded at 328190.