Latest News:  
Beijing   Sunny    2 / -9   City Forecast

People's Daily Online>>World

Interview: More cooperation likely to follow Sany's takeover of German company: KPMG partner

By Rao Bo (Xinhua)

09:18, February 08, 2012

FRANKFURT, Feb. 7 (Xinhua) -- More bilateral cooperation between Chinese and Germany companies is likely to follow the merger deal among Chinese construction group Sany, Chinese private equity company Citic PE Advisors, and German company Putzmeister, a partner of the accounting firm KPMG told Xinhua in an interview.

"I believe there will be many more joint ventures or cooperations between Chinese and German companies," Richard F.M. Stoffelen, partner and head of Global China Practice for KPMG Europe LLP, said by telephone, referring to the ongoing merger deal.

In a swift move, Sany Heavy Industry Co., Ltd, the biggest heavy industrial equipment producer in China, together with Citic PE Advisors (Hong Kong) Limited as a minority shareholder, struck a deal with Putzmeister Holding GmbH, a manufacturer of high-tech concrete pumps, on acquiring a 100-percent stake of the German company on Jan. 21.

Under the agreement, the two Chinese companies will take over Putzmeister at a cost of 360 million euros (472 million U.S. dollars).

The deal was made public on Jan. 27 and the news turned out to be a big surprise to the workers, local community and press.

For many people in Germany and in China, the merger between a Chinese company and a German one is something new.

"When things are new, people tend to be a little bit cautious," Norbert Scheuch, Chief Executive Officer of Putzmeister, told Xinhua.

He added the workers would hold meetings in small groups to understand the logic and benefit of the deal. "The management is excited about the transaction," he said. "There is no reason to panic."

The move is likely to enable the German company to gain wider access to the Chinese market, Stoffelen said.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Residents prepare for Tibetan New Year

  2. Jewellery design competition held in HK

  3. Chinese lantern unveiled in San Francisco

  4. Cold wave continues its force in E China

Most Popular


  1. American society at crossroads
  2. Values are thin excuses to start new wars
  3. Li Ning to lower costs, improve effeciency
  4. EU cannot act as sole toll bearer of the skies
  5. Avoiding civil war in Syria
  6. Trade essential for growth
  7. Cadmium pollution cleanup measures safe, effective
  8. Chinese consumers fill big Western shoes abroad
  9. Returned migrant workers refill "empty nests"
  10. Luxury shoppers ring alarm bells

What's happening in China

Lantern Festival return travel rush begins

  1. Warning on HK family planning
  2. Police nab jewelry store robber in S China
  3. Cold spell affects 40,000 in north China
  4. China raises threshold for driving license
  5. Land slides in NW China, casualities unknown

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai