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

PALFINGER is an international technology and mechanical engineering company and the world's leading provider of innovative crane and lifting solutions. With over 11,000 employees, 35 locations and a worldwide sales and service network with over 5,000 service points, PALFINGER guarantees customers immediate and optimal proximity.

With its future-proof complete and product solutions, PALFINGER, as a technology leader puts benefits reaped by the customer at the center of its innovation efforts. Consistent digitalization and the use of the latest technologies increase: operator safety and comfort, operational capability and service life, thus ultimately contributing to the corporate success of its customers and partners.

As a global company with strong regional roots, PALFINGER knows that sustainable thinking and behavior contribute significantly to economic success. For this reason, the company assumes social, environmental and economic responsibility along the entire supply chain.

PALFINGER AG has been listed on the Vienna Stock Exchange since 1999 and generated sales of EUR 1.75 billion in 2019.

 

For further information please contact:

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

This text and the corresponding images are available under “News” at PALFINGER’s website www.palfinger.ag, www.palfinger.com.