Palfinger and Sany share deal terms agreed
12 December 2013
Sany and Palfinger have finalised details of their mutual shareholding contracts following establishment of their joint-venture companies.
At the end of September 2013 Austrian loader crane manufacturer Palfinger and Chinese crane manufacturer Sany agreed in principle on an expansion of their strategic partnership in the form of an exchange of shares in each other’s company.
“During the past few weeks we have discussed the details of the capital interlinking with Sany. The signing ceremony took place yesterday morning. We regard this step as a cornerstone for the further consolidation of our good co-operation, which will benefit both parties. These mutual shareholdings will enable both partners to deepen their level of strategic co-operation. We envisage a number of additional initiatives and projects to broaden the scope and size of our joint activities,” said Herbert Ortner, Palfinger CEO.
Half of the 10 % stake in Palfinger AG to be acquired by Sany Heavy Industries will be in new shares issued from the authorised capital of Palfinger AG and the other half of the stake will be by acquisition of shares from the Palfinger family. The price will be €29 per share. In return Palfinger AG will acquire a 10 % interest in the Sany Lifting business unit of Sany Group. It is a similar size to Palfinger AG, according to the Austrian company.
Implementation of the share swap will follow approval by the Palfinger and Sany Heavy Industries boards, as well as by the Chinese regulatory authorities.