IPO of Demag Cranes AG: Greenshoe partially exercised
Düsseldorf, 10. July 2006
Goldman Sachs International acting on behalf of the other Managers has partially exercised the Greenshoe-option that was granted in connection with the IPO. The total issue volume has therefore increased by 1,324,488 shares to approx. 12.0 million shares. As a result, Demag Cranes AG's free float now amounts to approx. 56.8 percent. Calculated on last Friday´s, 7 July 2006, Xetra closing price of 22.50 Euro, market capitalization is roughly 476 Million Euro. On the occasion of the IPO shares were allotted at a selling price of 22 Euro. Goldman Sachs International as stabilisation manager also announced that the stabilisation period has ended with the exercise of the Greenshoe-option.
About Demag Cranes AG
The Demag Cranes Group is one of the world's leading providers of industrial cranes and crane components, harbor cranes and port automation technology. Services, in particular maintenance and refurbishment services, are another core element of its business activities. The Group, which is divided into the Industrial Cranes, Port Technology and Services segments, has strong brands - 'Demag' and 'Gottwald'. Demag Cranes believes that it is a global market leader, by virtue of its innovation and technology leadership, its excellent product and service quality and its close and long-term customer relationships. Demag Cranes manufactures in 16 countries on five continents and operates a worldwide sales and service network that is present in over 60 countries through its subsidiaries, representative offices and a joint venture.
For the fiscal year 2004/2005, the Group reported total sales of € 881.6 million and an adjusted EBIT of € 64.0 million (Combined Financial Statements prepared in accordance with IFRS).