The European Commission has cleared Terex’s acquisition of Demag Mobile Cranes from Siemens, saying that it posed no competition problems in Europe. This means that the deal is likely to complete imminently.
Terex announced in May that it had agreed to buy Demag Mobile Cranes for $150m.
Although the deal also involves lattice boom cranes, the Commission said that it focused its investigation on the market for mobile telescopic cranes, ‘to ascertain whether the deal could give Terex a dominant position in Europe or in parts of it,’ the Commission said in a 20 August statement.
The statement continued: ‘However, the Commission concluded that there was no such risk irrespective of the geographic definition of the market, be it European-wide or national in size. In the European Economic Area, Terex will face competition from the German companies Liebherr, Grove and Faun. In Italy, where the combined market share is the highest, Terex will also be under the competitive pressure of several smaller manufacturers such as Locatelli, Ormig and Marchetti.’
