08.12.2006

33.2% stake in Demag Cranes to be sold

Kohlberg Kravis Roberts (KKR) and Siemens plan to sell their 33.2 percent stake in Demag Cranes worth €245 million.

The two investors have today begun selling 7.04 million shares to institutions in Germany and abroad. The stock has a value of €245 million based on yesterday's closing price of 34.81 euros.

KKR and Siemens are selling following a 58 percent surge in the price of Demag shares since the Dusseldorf-based company's initial public offering on June 23.
The price at the IPO was reduced from €31 to €22 because of a slide in European stock markets which means the companies are getting more than if they had sold shares within the original IPO price range.