Feb 09, 2012 11:45 AM

In Buying Rival, Sany Primes European Market

By staff reporter Zhang Boling and intern reporter Ma Anyue

China's Sany Heavy Industries and Germany's Putzmeister Holding GmbH were locked in brutal combat over a potential machinery client in India just a few weeks before their executives smiled and shook hands like family.

The change of face came January 31, when Shanghai-listed Sany announced its subsidiary Sany Germany GmbH and CITIC Industrial Investment Fund (Hong Kong) Consulting Co. (CITIC IIF) would buy family-owned Putzmeister for 360 million euros. Sany Germany agreed to acquire 90 percent, and CITIC IIF the rest.