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Sany Heavy Industry Announcement: Acquisition of 10% Stake in Austria's Palfinger

2013-12-12 496 0人评论

On the evening of December 11, Sany Heavy Industry announced that the company has recently signed a formal cooperation framework agreement with Palfinger, its shareholders and other relevant parties: Sany Heavy Industry will subscribe to 5% of Palfinger's newly issued shares through a directly or indirectly wholly-owned subsidiary, and will additionally purchase 5% of existing shares directly from certain Palfinger shareholders, acquiring a total of 3.73 million shares at a price of 29 euros per share.

Upon completion of the transaction, the company will ultimately hold a 10% stake in Palfinger. Palfinger will, through its wholly-owned subsidiary, invest 110 million euros to increase the capital of the company's wholly-owned subsidiary Sany Automobile Hoisting Machinery Co., Ltd. Upon completion of the transaction, Palfinger will indirectly hold a 10% equity stake in Sany Crane.

It is understood that Palfinger was founded in 1932 and specializes in the manufacture of loader cranes. It is a world-renowned provider of loading and unloading equipment.

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