PALFINGER news

PALFINGER and SANY negotiate reversal of cross-holding

04.12.2020

PALFINGER and SANY HEAVY INDUSTRIES are currently negotiating the reversal of their cross-holding to reduce complexity. The potential transaction involves the sale of the 7.5% share in Sany Automobile Hoisting Machinery indirectly held by PALFINGER to a company within the SANY Group in return for the opportunity of transferring the approximately 7.5% share held by Sany Germany GmbH to PALFINGER.

An agreement has been reached today that:

-      the total capital inflows resulting from the cross-shareholding are to be the same for both sides after its reversal, and

-      the transaction is subject to the condition that the price of PALFINGER shares reaches EUR 31.35 per share (closing price).

This will result in there being no significant change in the valuation of the share holding at PALFINGER.

The operative joint ventures between PALFINGER and SANY HEAVY INDUSTRIES are not impacted by the reversal of the cross-holding and will continue as before.

The potential transaction still depends, among other things, on negotiating detailed transaction documents and obtaining any official approvals necessary.

A contract will be signed only following the approval of PALFINGER's Supervisory Board as well as the relevant committees at SANY HEAVY INDUSTRIES.


ABOUT PALFINGER AG

The international mechanical engineering firm of PALFINGER is the global leader for innovative crane and lifting solutions. With a workforce of over 11,600, 34 manufacturing sites and a worldwide network of dealerships and maintenance centers at over 5,000 locations, PALFINGER is always close to the customer.

As the leader in its engineering field, the company aims to ensure its partners’ business success in the long term by providing solutions and products that remain economically and ecologically viable in the future. Its broad product and model portfolio allows PALFINGER to take digitalization and the deployment of artificial intelligence to new levels.

As a global company with strong roots in its home region, PALFINGER is convinced that thinking and acting in the interests of sustainability plays a vital role in successful business operations. This is why the company assumes social, ecological and economic responsibility along the entire value chain.

PALFINGER AG has been listed on the Vienna stock exchange since 1999 and in 2020 achieved a revenue of EUR 1.53 billion.

 

For further information please contact:

Hannes Roither | Company Spokesperson | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com

Texts and accompanying images are available in the “News” section of www.palfinger.ag, www.palfinger.com.