SANY Heavy Industries

Palfinger and SANY Heavy Industries signed an agreement to reverse their cross-shareholding, reducing complexity while continuing operational cooperation in joint ventures in China and CIS states.

PALFINGER AG and SANY HEAVY INDUSTRIES signed an agreement to reverse their cross-shareholding. PALFINGER ASIA PACIFIC will transfer its 7.5% stake in Sany Automobile Hoisting Machinery to SANY EUROPE in exchange for 2,826,516 PALFINGER shares and approximately EUR 15 million cash. Additionally, the operational joint venture Palfinger Sany Mobile Cranes Sales GmbH will be taken over by the SANY Group.

Palfinger is negotiating to sell its 7.5% stake in Sany Automobile Hoisting Machinery back to Sany, in exchange for Sany Germany selling its 7.5% stake in Palfinger, with no impact on their joint ventures.

PALFINGER and SANY Heavy Industries are negotiating the reversal of their cross-holding, involving the sale of PALFINGER's 7.5% stake in Sany Automobile Hoisting Machinery to a SANY Group company in exchange for Sany Germany GmbH's approximately 7.5% stake in PALFINGER.