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Kion CEO says does not expect Weichai to hike stake further
March 2, 2017 / 11:18 AM / 9 months ago

Kion CEO says does not expect Weichai to hike stake further

HEUSENSTAMM, Germany (Reuters) - German forklift truck maker Kion (KGX.DE) does not expect its Chinese shareholder Weichai Power 000338.SZ to increase its stake beyond its current level of around 43.3 percent, its chief executive told Reuters.

“I cannot see any strategic advantage to an increase,” Gordon Riske said on Thursday after Kion published its 2016 financial results.

Weichai can already consolidate Kion’s profits and has three of the 16 seats on the German company’s supervisory board.

“We have a standstill agreement until summer 2018 according to which Weichai cannot increase its stake to more than 49 percent,” Riske said. “After that we’ll have to see.”

Reporting by Elke Ahlswede; Writing by Maria Sheahan; Editing by Victoria Bryan

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