FRANKFURT -(Dow Jones)- Terex Corp. (TEX) Thursday said it welcomes the recommendation by Demag Cranes AG (D9C.XE) that its shareholders accept Terex's increased takeover offer of EUR45.50 per share, which came as the two companies entered a business agreement. Earlier Thursday, Demag said the terms of the business agreement--which ensure broad operational and strategic autonomy to Demag--make it confident it will be able to recommend that the company's shareholders accept the improved offer. The tender offer continues to carry a minimum acceptance level condition of not less than 51% of all Demag shares outstanding, Terex said, and the offer period will still expire June 30. The increased price to be offered by Terex Industrial Holding AG, a Terex subsidiary, represents approximately a 25% premium to the closing share price on April 29, Terex said. -By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com
