EANS-Adhoc: PALFINGER AG / PALFINGER and SANY signed an agreement today on the reversal of their cross-shareholding. EAE

Wednesday, 15. December 2021 16:47
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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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Buybacks/Joint Ventures/Cooperation/Collaboration
15.12.2021

Bergheim - On 4 December 2020, PALFINGER AG announced that it was negotiating
with SANY HEAVY INDUSTRIES to reverse its cross-shareholding. Today, PALFINGER
ASIA PACIFIC PTE. LTD. ("PAP") and SANY EUROPE GMBH entered into a Share Sale
and Purchase Agreement ("SPA") with respect to the 7.5% equity interest held by
PAP in Sany Automobile Hoisting Machinery ("SAHM"). The transfer of the stake in
SAHM will be made for a compensation consisting of 2,826,516 PALFINGER shares
and an additional cash payment of approximately EUR 15 million. The amount of
the additional cash payment may still vary (depending on the closing date and
any further distributions that may meanwhile occur on the shares to be
transferred).

The SPA is subject to the condition precedent that the closing price of the
PALFINGER share listed on the Vienna Stock Exchange (ISIN AT000075830) reaches
at least EUR 34.68 on any trading day by 31 December 2023. PALFINGER AG will
take back its own shares at such closing price. In a first step, the agreement
to repurchase own shares will reduce the equity ratio calculated as at 30
September 2021 by approximately 6 percentage points. Upon satisfaction of the
agreed condition precedent, such decrease will be reduced to approximately 3
percentage points of the equity ratio calculated as at 30 September 2021, and
there will be a positive effect on earnings of at least EUR 12 million.

PALFINGER and SANY HEAVY INDUSTRIES have also negotiated a restructuring of
their cooperation in the operational joint ventures. While the cooperation in
China and the area of the former CIS states will be continued, it is planned
that the operational joint venture company Palfinger Sany Mobile Cranes Sales
GmbH ("PSV AT"), which is based in Austria and deals with the sale and service
of mobile cranes and construction machinery in the EMEA region, will be taken
over by the SANY Group. As of the date hereof, the parties agreed to set aside
rights of PSV to an exclusive distribution of certain SANY products in the EMEA
region.

Furthermore, on the basis of the authorization granted by the 33rd Annual
General Meeting on 7 April 2021 in accordance with section 65(1)(8) of the
Austrian Stock Corporation Act (Aktiengesetz) and published on 7 April 2021 via
an electronic information dissemination system, the Management Board of
PALFINGER AG has decided to acquire a total of 2,826,516 of the Company's own
shares over-the-counter from SANY EUROPE GMBH, which is expected to close by 31
December 2023. This corresponds to 7.52% of the share capital. The repurchase
will have no effect on the listing of PALFINGER shares. The Supervisory Board of
PALFINGER AG resolved to consent to this acquisition of own shares at its last
board meeting.

Further inquiry note:
Hannes Roither | Company Spokesperson | 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

EAX0004    2021-12-15/16:47

Related Links: PALFINGER AG
Author:
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