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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.

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