Cargotec-Konecranes merger approved in China
Cargotec Corporation and Konecranes’ planned merger has received approval from the State Administration for Market Regulation, the competition authority in China. It is the first hurdle the proposed merger has overcome on the road to expected transaction completion by the end of the first half of 2022.
On October 1, 2020, Cargotec and Konecranes had signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals. The proposed combination will create a global leader in sustainable material flow, with numerous valuable customer-facing brands and complementary offerings across its businesses in industries, factories, ports, terminals, road and sea-cargo handling. The combined capabilities will further accelerate development of key projects in the areas of automation, robotics, digitalization and electrification.
The companies continue to work closely with the competition authorities in the remaining jurisdictions to obtain regulatory approvals. Cargotec and Konecranes are confident that the approvals will be received to allow completion of the Transaction by the end of H1/2022. Until completion, both companies will operate fully separately and independently.
Cargotec further noted that Mika Vehviläinen was selected as president and CEO of the Future Company.