Germany's Kion ready for IPO but not in a rush - report

FRANKFURT Sat May 25, 2013 8:12am EDT

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FRANKFURT May 25 (Reuters) - Kion Group, the world's second biggest maker of fork lift trucks, would be ready for an initial public offering but is not in a rush, German paper Frankfurter Allgemeine Zeitung reported, citing Kion's chief executive.

Kion, together with its owners Goldman Sachs, buyout firm KKR and Shandong Heavy, is monitoring the market for a potential share sale, Kion Chief Executive Gordon Riske said, according to the paper.

"The situation at the capital market is good ... even though the sentiment of investors is sometimes volatile," he said, the paper reported.

A share sale in an initial public offering could be one of Germany's largest initial public share offers this year.

Reuters reported on May 2, citing people familiar with the situation, that up to 25 percent of Kion is likely to be listed in a sale that may value the whole company at around 2.5 billion euros ($3.2 billion).

Shandong Heavy's unit Weichai in August last year bought a 25 percent stake in Kion for 467 million euros and later secured the option to increase its stake to one third as part of an IPO.

German magazine WirtschaftsWoche reported, also citing the Kion CEO, that the cooperation with Weichai is improving Kion's access to the Chinese market.

Kion would use the money from a share sale to expand, Riske said, according to the magazine. ($1 = 0.7734 euros)

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