U.S. construction machinery maker Terex (TEX.N) secured EU clearance on Friday to acquire German manufacturer Demag Cranes AG (D9CGn.DE) that will boost its scale and exposure in emerging markets such as China. The merged entity will have an annual turnover of about $5.8 billion, the companies said in July. The European Commission said in a statement that the deal would not significantly alter the structure of the market. "Although the proposed transaction will technically reduce the number of players in an already concentrated market, the market impact is not expected to be significant due to Terex's limited market share in this sector," the EU executive said.
Terex Corporation (Terex) is a diversified global equipment manufacturer of a variety of machinery products. Shares of TEX traded higher by 2.46% or $0.44/share to $18.36. In the past year, the shares have traded as low as $17.81 and as high as $38.50. On average, 2199160 shares of TEX exchange hands on a given day and today's volume is recorded at 1888211.
