Zoomlion wins bid for Italian CIFA

Construction machinery manufacturer Changsha Zoomlion has won a joint bid with Goldman Sachs and two other investors for Italian construction firm Compagnia Italiana Forme Acciaio SpA (CIFA), Reuters reported. The US$422 million deal will see Zoomlion pay US$255 million for a 60% stake in CIFA. The remaining 40% will be held by Goldman Sachs, Mandarin Capital Partners and Hony Capital, a Chinese private equity firm. Earlier this year, Zoomlion’s competitor Sany Heavy Industry said it would invest US$100 million in a new American facility, in a similar effort to expand into developed markets. Zoomlion’s Shanghai-traded shares fell by the daily limit of 10% to RMB18.94 (US$2.76) on Wednesday.