Update on competition filing – Chinese clearance still pending
TTS Group ASA ("TTS") announced on 8 February 2018 that the company had entered into an asset sale agreement with MacGregor, a subsidiary of Cargotec Oyj listed on Nasdaq Helsinki Stock Exchange in Finland.
Completion of the contemplated transaction is subject to approval, unconditional or on conditions acceptable to MacGregor, from relevant competition authorities in China, South Korea and Germany. Approvals from German and South Korean competition authorities were announced 6 November 2018 and 27 December 2018 respectively.
According to stock exchange notification of 20 December 2018, the parties expected to receive clearance from all competition authorities in Q1 2019.
Due to longer than expected regulatory processes in China, expected closing of the transaction will move to Q2 2019.
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