The two Finnish port equipment manufacturers Konecranes and Cargotec have announced they continue their dialogue with relevant competition authorities, which have raised their concerns about the announced merger of the two companies.
Cargotec and Konecranes aim to find satisfactory ways to mitigate these concerns to secure approvals by the authorities, which are needed for the completion of the merger, but the companies stated that “the remedy requirements are more complex than expected”.
Konecranes and Cargotec said they have discussed remedies with relevant competition authorities based on a commitment offered to the European Commission (EC) to divest Konecranes’ Lift Truck business and Cargotec’s Kalmar Automation Solutions.
Both companies consider the offered remedy package as sufficient and feasible. Further investigations regarding the proposed remedies and negotiations with relevant competition authorities regarding anti-trust concerns continue, according to a statement.
In the meantime, Konecranes and Cargotec, which have already elected the first president and CEO of the future company, noted they are awaiting the authorities’ decisions and continue to work towards their merger being completed by the end of the first half of 2022.
Until all merger closing conditions are met and the deal is completed, both companies continue to operate fully separately and independently.
