Chuan Guoji Group will acquire European business of German MAG

In the early morning of January 26th, Beijing time, Reuters quoted sources as saying on Friday that China National Machinery Industry Corporation (SINOMACC) and France's Fives Group will divide the assets of German machine tool manufacturer MAG Group.

According to sources, SINOMACH will sign an agreement next month to acquire MAG's European operations. Fives is currently the only bidder for MAG's US operations.

Reuters reported last year that MAG plans to sell the entire company for 500 million euros or sell its European business for 250 million euros.

The MAG Group's annual revenue is approximately EUR 1 billion. In 2011, its earnings before interest, taxes, depreciation and amortization (EBITDA) was EUR 105 million and it has approximately 3,500 employees worldwide.

At the beginning of the bid, several other Chinese companies also expressed interest in MAG. Chinese companies are accelerating bargain-hunting and acquiring European companies to acquire advanced technology, branding and distribution networks.

Last year, Sany Heavy Industry joined hands with the industry investment fund to acquire 100% stake in German concrete machinery giant Putzmeister for 360 million euros; Shandong Heavy Industries spent 700 million euros to acquire German old forklift manufacturer KION Group 25% of the shares; Hebei Lingyun Industrial Group announced the acquisition of the largest car lock manufacturer Keekert.

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