EANS-Adhoc: PALFINGER AG PALFINGER and SANY negotiate reversal of cross-holding
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Disclosed inside information pursuant to article 17 Market Abuse Regulation
(MAR) transmitted by euro adhoc with the aim of a Europe-wide distribution.
The issuer is responsible for the content of this announcement.
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Joint Ventures/Cooperation/Collaboration
04.12.2020
Bergheim -
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.
Further inquiry note:
Hannes Roither | Group spokesman | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com
end of announcement euro adhoc
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issuer: Palfinger AG
Lamprechtshausener Bundesstraße 8
A-5020 Salzburg
phone: 0662/2281-81101
FAX: 0662/2281-81070
mail: ir@palfinger.com
WWW: www.palfinger.ag
ISIN: AT0000758305
indexes:
stockmarkets: Wien
language: English
