Palfinger and Sany finalise shareholdings
By Laura Hatton23 May 2014
Manufacturers Palfinger and Sany have finalised their financial arrangements for their shareholdings and joint venture companies.
The agreement was concluded with the registration of Palfinger’s capital increase with the commercial register, a company spokesperson said.
As part of the deal, Sany has acquired 10 % of the share capital of Palfinger, making it the second largest share holder of the company. The price per share was set at €29 (US$ 40.00). Palfinger has acquired 10 % of the share capital of Sany Automobile Hoisting Machinery Ltd (Sany Lifting).
The new shares will qualify for dividends for business years starting from 1 January 2014 onwards, and will be admitted to trading on the Vienna Stock Exchange starting on 14 May 2014, a company spokesperson added.
Herbert Ortner, Palfinger CEO, said, “This cross shareholding is another step in consolidating our strategic partnership. The two joint ventures of Sany and Palfinger have not only developed according to plan, but have become highly successful endeavours. In the future, we would like to expand our cooperation to include other product groups as well.”
Xiang Wenbo, president of the Sany Group, said, “This is a magnificent partnership. Both sides, the European and the Chinese, are learning from each other every day. We are enriching each other on so many levels and are both delighted about our mutual success. Sany’s co-operation with Palfinger is a significant step towards internationalisation and the global market. The mutual capital interlinking is a logical step in deepening and expanding our partnership.”