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Bulletin: Terex Corp. Ratings And Outlook Unaffected By Demag Cranes AG Acquisition Announcement
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
NEW YORK (Standard & Poor's) May 2, 2011--Standard & Poor's Ratings Services said today that its ratings and outlook on Terex Corp. (BB-/Stable/--) are not immediately affected by the company's announcement that it will launch a cash public tender offer for Demag Cranes AG (not rated), a Germany-based supplier of industrial cranes, port technology, and related services. Terex's offer equates to an approximate $1.3 billion purchase price for Demag's shares. Demag had about $1.4 billion of sales in calendar year 2010, and we believe the acquisition would complement Terex's existing crane businesses, which generated close to $1.8 billion of sales in 2010 (representing 32% of Terex's total revenues). Terex has indicated that the offer would be financed with $750 million...
Companies mentioned in this report are: Terex Corp.
Action: Bulletin
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