Hübner Schlösser & Cie Advises PALFINGER
PALFINGER and SANY Agree on All Details of Mutual Shareholdings
Contracts on Mutual 10% Shareholdings Finalized – Immediate Implementation
Press Release, Munich/Grünwald, December 11, 2013
HÜBNER SCHLÖSSER & Cie Advised PALFINGER AG
Yesterday, the PALFINGER Group finalized the contracts with the Chinese SANY Group regarding their mutual shareholdings. The two companies have now agreed on all details for the implementation of the project.
At the end of September, PALFINGER and SANY had already reached an agreement in principle regarding the expansion of their strategic partnership.
“Over the past few weeks, we have discussed the details of the capital interlinking with SANY. The signing ceremony took place yesterday morning. We regard this step as a cornerstone for the further consolidation of our successful cooperation, which will benefit both parties. These mutual shareholdings will enable both partners to deepen their strategic cooperation. We envision a number of additional initiatives and projects to further expand the scope and scale of our joint activities,” said Herbert Ortner, CEO of PALFINGER AG.
As planned, half of the 10% stake in PALFINGER AG to be acquired by SANY Heavy Industries will consist of newly issued shares from the authorized capital of PALFINGER AG, while the other half will be acquired through the purchase of existing shares from the Palfinger family. The purchase price payable by SANY amounts to EUR 29 per share.
As a result of the Palfinger family’s willingness to support SANY’s participation by selling part of their existing shareholding, the increase in the total number of PALFINGER AG shares outstanding will be limited to the 5% represented by the newly issued shares.
In return, PALFINGER AG will acquire a 10% stake in SANY’s lifting business. SANY Lifting is the division within the SANY Group specializing in mobile cranes, tower cranes, and crawler cranes, and is comparable in size to PALFINGER AG.
The transaction will be implemented as soon as it receives approval from the supervisory board of PALFINGER AG, the board of SANY Heavy Industries, and the relevant Chinese regulatory authorities.
HÜBNER SCHLÖSSER & Cie (HSCie) advised PALFINGER AG throughout all stages leading to the agreement in principle. Herbert Ortner commented:
“HSCie has been a long-standing partner of PALFINGER AG and we appreciate their full commitment and skillful approach.”
Joachim Schlösser added:
“We are pleased that we were able to support PALFINGER AG in this very important project.”
About HSCie:
HÜBNER SCHLÖSSER & Cie, located in Grünwald near Munich, is an independent corporate finance advisory firm specializing in acquisitions and divestitures of medium-sized and large companies worldwide. In recent years, the firm has advised on more than 150 transactions with a total transaction value exceeding EUR 17 billion. HSCie is one of the leading advisory firms for mid-sized transactions in Germany.