Terex Has Enough Money to Pay Cash for Demag, DeFeo Tells Welt

Terex Corp. (TEX) Chief Executive Officer Ron DeFeo said the company has enough money to finance its bid for Germany’s Demag Cranes AG (D9C) in cash, Welt reported, citing an interview with the executive.

Terex, which has bid 41.75 euros a share for Demag, would work with the cranemaker’s current management if they agree, DeFeo said, according to the German newspaper. The CEO expects Terex, based in Westport, Connecticut, will probably hire rather than fire workers after the takeover as the business has “high growth potential.”

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To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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