After the completion of the voluntary public tender offer, Terex Germany GmbH & Co KG currently holds indirectly through Terex Industrial Holding AG in total 17,333,318 shares in Demag Cranes AG, corresponding to approx. 81.87% of the voting rights of the share capital of Demag Cranes AG entitled to vote.
The negotiations with Terex Germany GmbH & Co KG with regard to the conclusion of a domination and profit transfer agreement will begin within the next days. The provisions regarding compensation and guaranteed dividend for minority shareholders will be in compliance with legal requirements and based upon a valuation of the company still to be conducted. Terex Germany GmbH & Co. KG and Demag Cranes AG will apply at the District Court of Düsseldorf for the appointment of a joint contract auditor to review the domination and profit transfer agreement.
Demag Cranes AG expects that the necessary preparations can be completed in December 2011 and that an ordinary general shareholders’ meeting can resolve on the domination and profit agreement in February 2012.