U.S. construction machinery maker Terex Corp (TEX.N) has secured a 68 percent stake in Demag Cranes AG (D9CGn.DE) following its sweetened $1.4 billion offer for the German manufacturer. The combination of Terex and Demag will generate annual revenue of about $5.8 billion and give the U.S. company added scale in Europe and emerging markets, especially in China. Demag recommended last month that its shareholders accept the offer after Terex raised its bid to 45.50 euros per share in cash from 41.75 euros, valuing the company at 963 million euros ($1.4 billion). Terex shares were up 3.7 percent at $29.51 in afternoon New York Stock Exchange trading. In Germany, shares of Demag, which makes industrial and port cranes and offers other companies maintenance services, rose 1.1 percent to 45.39 euros.
Terex Corporation (Terex) is a diversified global equipment manufacturer of a variety of machinery products. Shares of TEX traded higher by 3.62% or $1.03/share to $29.48. In the past year, the shares have traded as low as $16.79 and as high as $38.50. On average, 2028840 shares of TEX exchange hands on a given day and today's volume is recorded at 1244629.
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