Majority takeover of Demag Cranes AG by Terex completed following regulatory approval

Düsseldorf,   16. August 2011

The majority takeover of Demag Cranes AG by Terex Industrial Holding AG is complete. All shares tendered to Terex by shareholders of Demag Cranes AG following the voluntary public tender offer were transferred on 16 August 2011 to the new majority owner, which now holds 81.83 percent of Demag Cranes in total. The transaction had previously gained regulatory approval in Europe. This concomitantly satisfied the final requirement for closing of the takeover.

Terex had made the tender offer on 19 May 2011 and increased the offer price from EUR 41.75 to EUR 45.50 per share on 16 June 2011, representing a 29.3 percent premium on the three-month volume-weighted average share price before announcement of the tender offer. The Management Board and Supervisory Board of Demag Cranes AG had recommended that shareholders should accept the improved offer. Terex had previously pledged far-reaching autonomy to Demag Cranes under a Business Combination Agreement and provided extensive guarantees to safeguard locations and jobs.

Aloysius Rauen, CEO of Demag Cranes AG, said on completion of the majority takeover: “Demag Cranes has developed superbly in the last few years and secured outstanding growth prospects for itself as the industry’s technology and innovation leader. We are confident that, on the basis of our clear strategy, we will be able to carry on our success story as an independent operating segment within the Terex Group and, alongside the strong partner Terex, accelerate our advance on our growth trajectory.”

About Demag Cranes
The Demag Cranes Group is one of the world’s leading suppliers of industrial cranes and crane components, harbour cranes and terminal automation technology. Services, in particular maintenance and refurbishment, are another key element of the Group's business activities. The Group is divided into the business segments Industrial Cranes, Port Technology and Services and has strong and well-established Demag and Gottwald brands. Demag Cranes sees its core competence in the development and construction of technically sophisticated cranes and hoists as well as automated transport and logistics systems in ports and terminals, the provision of services for these products and the manufacture of high-quality components.

As a global supplier, Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries such as Demag Cranes & Components GmbH and Gottwald Port Technology GmbH, agencies and a joint venture. In financial year 2009/2010, the Group, with its 5,711 employees, generated revenue of EUR 931.3 million. Since the end of June 2006, the Demag Cranes share (WKN: DCAG01) has been listed in the Prime Standard of the Frankfurt Stock Exchange and is traded on various indices including the MDAX®.

Demag Cranes AG. We Can Handle It.


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Conditions for forward-looking statements
This press release contains forward-looking statements relating to the business, financial performance and earnings of Terex Material Handling & Port Solutions AG and its subsidiaries and associates. Forward-looking statements are based on current plans, estimates, projections and expectations and are therefore subject to risks and uncertainties, most of which are difficult to estimate and which in general are beyond the control of Terex Material Handling & Port Solutions AG. Consequently, actual developments as well as actual earnings and performance may differ materially from those which are explicitly or implicitly assumed in the forward-looking statements. Terex Material Handling & Port Solutions AG does not intend or accept any obligation to publish updates of these forward-looking statements.

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