Palfinger Company News - Cross-shareholding with Sany to be terminated
This afternoon Palfinger announced that it is in negotiations with Sany Heavy Industries regarding the reversal of the cross-holding. The operative joint ventures between the two groups (large production JV in China and small distribution JV in Europe) are not impacted and will be continued as before. Palfinger is the holder of a 7.5% stake in Sany Automobile Hoisting Machinery and Sany Germany GmbH holds approximately 7.5% of the shares in Palfinger AG. The deal is subject to two conditions: 1) the total capital inflows resulting from the cross-shareholding are to be the same for both sides after its reversal, 2) the transaction is subject to the condition that the closing price of Palfinger shares reaches EUR 31.35.Palfinger provides lifting solutions for use on commercial vehicles and in the maritime field. Co. is engaged in providing loader cranes, timber and recycling cranes, marine cranes, wind cranes and hooklifts service. In addition, Co. is engaged in providing tail lifts and high-tech railway systems. Co. offers its products and services primarily to construction industry, transport logistics, public authorities, waste disposal, forestry and agriculture and railway infrastructure. In the marine business, Co. sells worldwide, primarily to customers in deep sea navigation and in the oil and gas industry. Co.'s brand is LIFETIME EXCELLENCE.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.