KION's chief executive officer has told a German newspaper that the group does not expect to be fully acquired by its Chinese shareholder.
Gordon Riske was reported in
Handelsblatt to have told
Die Welt that Weichai Power Co Ltd, which is part of the Shandong Heavy Industry Group, has agreed that it will only hold up to 50% of KION's shares.
Weichai Power, through its Luxembourg-based subsidiary, Weichai Power (Luxembourg) Holding Sàrl, currently holds a 25% stake in the KION Group
(Forkliftaction.com News #581).
Last week, KION announced that it was preparing an initial public offering on the Frankfurt Stock Exchange
(Forkliftaction.com News #619). Chinese equipment manufacturer Weichai Power Co Ltd is increasing its stake in KION from 25% to 30% ahead of the offering.
The China Development Bank has agreed to lend up to EUR500 million (USD643 million) to support Weichai Power's investment in the KION Group
(Forkliftaction.com News #618).