11.10.2010

Kone confirms Demag bid

Finnish lifting equipment manufacturer Kone cranes, has confirmed that it approached German based Demag Cranes regarding a possible “combination of the companies”.

As Demag has already stated it rejected the approach over the potential merger. Konecranes stated that: “Demag Cranes was not interested to negotiate a possible transaction.” And refused to comment further on the issue, saying it would make an announcement only if appropriate.

The preliminary approach follows Konecranes' declared growth strategy based on the need of consolidation in the industrial crane industry, particularly in Europe. The company is continuing to study other possible transactions.