PALFINGER AG: Acquisition of own shares in the amount of 7.52% on the basis of the reversal of the cross-shareholding with SANY

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24.06.2022 CET/CEST
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PALFINGER AG: Acquisition of own shares in the amount of 7.52% on the basis of the reversal of the cross-shareholding with SANY

As already published on December 15, 2021 the Management Board of PALFINGER AG has – on the basis of the authorization granted by the 33rd Annual General Meeting on April 7, 2021 in accordance with section 65 (1) (8) of the Austrian Stock Corporation Act (Aktiengesetz) and published on April 7, 2021 via an electronic information dissemination system – for purposes of a reversal of the cross-shareholding between PALFINGER and SANY HEAVY INDUSTRIES decided to acquire a total of 2,826,516 of PALFINGER AG’s own shares over-the-counter from SANY EUROPE GMBH. The transaction was expected to be closed by December 31, 2023. This corresponds to 7.52% of the share capital. The Supervisory Board of PALFINGER AG has resolved to consent to the reversal of the cross-shareholding and this acquisition of own shares at its board meeting on December 13, 2021. The completion of this transaction and the transfer of the 2,826,516 own shares from SANY EUROPE GMBH is now expected to take place on June 29, 2022. The transfer of the own shares to PALFINGER AG together with a cash payment of approximately EUR 17 million is made in compensation for the transfer of the equity interest in Sany Automobile Hoisting Machinery Co., Ltd. The purchase will be carried out in accordance with the agreement of December 2021 at a purchase price of EUR 35.20 per share. The repurchase has no effect on the listing of PALFINGER AG shares.