A Phase II review of the merger between Cargotec and Konecranes has been commenced by the EC. Completion of the merger is expected by the end of H1 2022.
“The Phase II review is a common step in the EC merger review of global transactions of this size,” said the companies. “Phase II will enable the EC to consider the contemplated transaction in further detail.”
Various competition authorities, including the EC, the UK Competition and Markets Authority, the US Department of Justice and the Chinese State Administration for Market Regulation, are currently reviewing the proposed merger.
“Cargotec and Konecranes will continue to work closely and in active dialogue with the relevant authorities including the EC allowing to mitigate or eliminate preliminary concerns that the EC has raised,” added Cargotec and Konecranes.
The companies announced their plan to merge on 1 October 2020. The companies expect that the Phase II review will continue during H2 2021.
Until completion of the merger, both companies will operate fully separately and independently.
Cargotec recently completed the sale of Navis to Accel-KKR for €380m.