9. Transnational Governance of SANY Heavy Industry’s Acquisition of Putzmeister

In the process of internationalization of enterprises in the construction machinery industry through cross-border mergers and acquisitions, how to conduct cross-border governance is a hot issue worth studying. This case takes Sany Heavy Industry, a leading enterprise in China’s construction machinery industry, as the research object, and studies the background and process of Sany Heavy Industry’s acquisition of Putzmeister, as well as the transnational governance mechanisms such as stakeholder governance in the acquisition process, subsidiary governance after the acquisition, parent company governance, and parent–ubsidiary relationship governance. Sany Heavy Industry, promoted by its internationalization strategy, after years of preparation and good stakeholder governance, successfully acquired 100% equity of Putzmeister. The adjustment of Putzmeister’s and Sany Heavy Industry’s governance structure, together with the appropriate governance of the parent–subsidiary relationship, have achieved a successful integration of Putzmeister, achieving mutual benefit and a win–win outcome.