| Today cross-border mergers and acquisitions gradually replace the Greenfield investment to become an important way for enterprises to expand overseas. The world has ushered in the fifth wave of cross-border mergers and acquisitions, with the continuous improvement of China’s engineering machinery manufacturing industry overall competitiveness, since 2008, Zoomlion, Sany,Liugong Group and other enterprises have implemented the cross-border mergers and acquisitions. Based on the theory of cross-border mergers and acquisitions, this article analyzes the background of Chinese engineering machinery manufacturing industry overseas expansion. this monographic study focuses on Sany’s acquisition of Germany Putzmeister in 2012, in order to provide experience for Chinese enterprises cross-border mergers and acquisitions. Firstly, this article detailed discusses the background,process and motivation of the cross-border mergers and acquisitions, evaluated the risk of the various stages and put up with risk prevention measures, including strategic risk, financial risk and integration risk, secondly evaluated the effect of the acquisition, including strategy,finance and management, finally point out the significance in order to provide reference for the Chinese enterprises,put forward the future Sany improvement strategy.Research results in this paper imply that companies develop merger plan must be consistent with the development strategy of the enterprise,combined with their own situation carefully select target company. Cross-border mergers and acquisitions must be fully prepared for risk and become better able to defuse risks. In the late stage of cross-border mergers and acquisitions,pay attention to the integration of the two sides of enterprise in the strategic,financial,personnel,culture and brand. Cooperation with financial institutions jointly completed cross-border mergers and acquisitions. Honesty is essential to cross-border mergers and acquisitions. |
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