Vodafone Group Plc’s 7.7 billion- euro ($10.2 billion) takeover of Kabel Deutschland Holding AG is under threat amid speculation that a hedge fund that boosted its stake in the target did so to squeeze extra cash from the deal.
Demag Cranes AG, the German maker of harbor cranes that was approached by Finnish competitor Konecranes Oyj last year, said pressure from shareholders to resume talks won’t sway management to reconsider a combination.
Demag Cranes AG rose the most in almost two years in Frankfurt trading after the Financial Times Deutschland reported Finnish competitor Konecranes Oyj is considering a takeover of the German maker of harbor cranes.
Demag Cranes AG , the world’s largest maker of harbor cranes, rose to the highest in more than two years in Frankfurt trading after Finnish competitor Konecranes Oyj said it approached the company about a possible merger.
Terex Corp.’s offer for Demag Cranes AG that values the German maker of harbor cranes at about at 883.9 million euros ($1.27 billion) is “completely inadequate” and doesn’t reflect Demag’s value, its largest shareholder said.
Demag Cranes AG has elected Michael Ernestus as new chairman of its supervisory board “with immediate effect” after Burkhard Schuchmann resigned on Sept. 23, the company said in an e-mailed statement today.