WESTPORT, Conn. — Terex Corp. received clearance from the European Union to complete its previously announced purchase offer for Demag Cranes AG, the company said. With this approval, the final condition of closing was met and settlement of the purchase offer was finalized.

Demag Cranes AG will become a new business segment of Terex with industrial cranes and hoists, port technology and service. Demag Cranes' business is complementary to the existing Terex business, the company said, and the combination has a strong footprint and emerging markets.