Konecranes and Cargotec note CMA’s announced Provisional Findings regarding planned merger
Konecranes and Cargotec note that the Competition & Market Authority of the United Kingdom (“CMA”) has today announced its Provisional Findings and published its Notice of Possible Remedies regarding the planned merger of Konecranes and Cargotec. The Provisional Findings represent CMA’s provisional conclusions and is the main means the CMA uses to consult the merging parties and other stakeholders. It is not a formal request by the CMA or offer of remedies by Konecranes and Cargotec.
In its report, the CMA provisionally concludes that the transaction may result in a substantial lessening of competition in several product markets.
Konecranes and Cargotec disagree with the CMA’s provisional conclusions. They will consider the contents of the CMA’s initial findings and continue to engage with the CMA. In addition, Konecranes and Cargotec continue the dialogue and cooperation with other relevant competition authorities, including European Commission and the US Department of Justice, and are considering ways to mitigate some of the concerns raised by the different competition authorities. Further announcements on the merger control processes will be made in due course.
Konecranes and Cargotec remain confident that the merger will be completed by the end of H1/2022. Until all merger closing conditions are met and the deal completed, both companies continue to operate fully separately and independently.