Manager. The proposed merger of two of the leading providers of cargo handling equipment, Cargotec and Konecranes, cleared an important regulatory . Cargotec and Konecranes are awaiting the authorities' decisions and continue to work towards the merger being completed by the end of H1 2022. Finland's Konecranes and Cargotec to merge . The UK Competition and Markets Authority (CMA) blocked the Finnish companies to merge on legal antitrust matters The UK Competition and Markets Authority (CMA) blocked the merger of the Finland Cargotec Corporation (Cargotec) confirmed today that it has abandoned its intended merger of equals with Konecranes Plc (Konecranes) one day after the Justice Department's Antitrust Division informed the parties that the settlement proposal was not sufficient to address concerns that the proposed combination would eliminate important competition in four types of shipping container handling . As announced on February 24, 2022, the EC conditionally approved the planned merger between Cargotec and Konecranes on the basis of the same remedy package rejected by the CMA, which comprised commitments to divest Konecranes Lift Truck business and Kalmar Automation Solutions. The UK Competition & Markets Authority (CMA) has blocked the merger between Konecranes and Cargotec. Updated . The merger is expected to take place by the end of H1/2022, and Cargotec and Konecranes today announce the planned high-level operating model and leadership team of the Future Company. The UK CMA rejected a remedy package that saw the European . Finnish cargo handling equipment specialists Konecranes and Cargotec have decided not to move forward with their planned merger after the UK Competition and Markets Authority (CMA) blocked the transaction, citing "substantial competition concerns". The merger, which would combine engineering group Konecranes and cargo handling . BRUSSELS - Cargotec and Konecranes on Thursday won EU antitrust clearance for their 4.5-billion-euro ($5 billion) deal to create a global leader in industrial machinery after . Konecranes and Cargotec have outlined their disagreement to the Competition & Market Authority's (CMA) concern regarding a merger between the two companies.. The two companies announced an . Konecranes and Cargotec, which announced a merger of equals in October 2020, compete closely in the UK. In Australia, Cargotec's Kalmar business and Konecranes' Port Solutions business supply heavy equipment such as cranes, straddle carriers . As announced on 24 February 2022, the EC conditionally approved the planned merger between Cargotec and Konecranes on the basis of the same remedy package rejected by the CMA, which comprised commitments to divest Konecranes Lift Truck . Cargotec and Konecranes will immediately cease the pursuit of the merger and the related processes and continue to operate separately as fully independent companies. The ACCC has outlined preliminary competition concerns in relation to a proposed merger between container handling equipment companies Cargotec and Konecranes, in a statement of issues published today. Cargotec and Konecranes abandoned the transaction on 29 March 2022 after the UK Competition and Markets Authority (CMA) blocked the merger, and the US Department of Justice (DOJ) informed the parties that it intended to sue. According to the CMA's final report issued today, the remedies - which would have removed all overlapping businesses of the two companies and were accepted by the European Commission (EC) - would not be effective in addressing the CMA's concerns and thus the planned merger between . " Cargotec and Konecranes both offer a range of container handling equipment and services to port terminals and other industrial . The deal has been approved under the EU Merger Regulation and is conditional on the sale of certain operations. 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, which would combine engineering group Konecranes and cargo handling machinery maker Cargotec, would harm competition in the supply of container handling equipment products, the CMA said. Cargotec and Konecranes are awaiting the authorities' decisions and continue to work towards the merger being completed by the end of H1 2022. The planned merger between Cargotec and Konecranes has been blocked by the UK's Competition & Markets Authority (CMA). KONECRANES PLC The Board of Directors. Finnish engineering group Konecranes said on Thursday it expects to complete its merger with Cargotec by the end of the first half of 2022, saying authorities' remedy requirements were "more . Published Feb 24, 2022 8:56 PM by The Maritime Executive. Konecranes Chairman, Mr. Christoph Vitzthum, said: "The combination of Konecranes and Cargotec, with their iconic technology brands, innovation capabilities, talented people and . ET . The boards of the companies, which provide road and sea-cargo handling machinery and services to industries, factories, ports and terminals, said they had signed a plan under which Konecranes would be folded into Cargotec in a merger of equals. Cargotec shares jumped around 25%, while Konecranes stock was up around 17%, giving a combined market . Until all merger closing conditions are met and the deal is completed, both companies continue to operate fully separately and independently. Markku Ulander/Lehtikuva/via REUTERS. The new entity aims to raise current €565m operating profit by at least 10% and by €100m within three . The UK competition regulator's block of Cargotec's merger with Konecranes has set the tone for future divergence from the European Commission and exposed the authorities' conflicting views on remedies. In order to support and finance the completion of the merger, Cargotec and Konecranes have entered into re- and back-up financing agreements with Nordea Bank Abp ("Nordea"). The ACCC has outlined preliminary competition concerns in relation to a proposed merger between container handling equipment companies Cargotec and Konecranes, in a statement of issues published today. Upon completion, Konecranes' shareholders will receive as merger consideration 0.3611 new class A shares and 2.0834 new class B shares in Cargotec for each share they hold in Konecranes on the record date. The ACCC started its review on 5 August 2021 and released a statement of issues in October 2021 outlining its preliminary . A Kalmar reach-stacker. The UK Competition & Markets Authority (CMA) has blocked the proposed merger between Cargotec and Konecranes after its in-depth investigation identified substantial competition concerns. The EC gave the green light to the proposed deal after conducting a detailed investigation. The European Commission has commenced a Phase II review of the merger between Konecranes and Cargotec.Completion of the merger is expected by the end of H1/2022. Nov 29, 2021 India Shipping News. Thus, Cargotec and Konecranes have decided to cancel the planned merger. 0.3611 new class A shares and 2.0834 new . Cargotec shares jumped around 25%, while Konecranes stock was up around 17%, giving a combined market value of around 4.5 billion euros ($5.3 billion), according to Refinitiv Eikon data. A €4.5bn ($5bn) planned merger between Konecranes and Cargotec has been abandoned by the Finnish maritime engineering groups after it was blocked by the UK's Competition and Markets Authority . Cargotec and Konecranes will . The European Commission has conditionally approved the planned merger between Cargotec and Konecranes. The proposed combination will be implemented as a statutory absorption merger whereby Konecranes will be merged into Cargotec. Upon the completion of the merger, Konecranes shareholders will receive as merger consideration 0.3611 new class A shares and 2.0834 new class B shares in Cargotec for each share they hold in . Konecranes and Cargotec have expressed their concerns about the Provisional Findings of the United Kingdom's Competition & Market Authority (CMA ), about the announced merger of the two port equipment manufacturing companies. 2022-03-30T08:13:00+01:00. IMPORTANT NOTICE As announced earlier, Cargotec and Konecranes will merge to create a global leader in sustainable material flow. The Board of Directors. The UK Competition & Markets Authority ("CMA") has blocked the merger between Cargotec and Konecranes. "UK customers would have few remaining alternative suppliers after the merger," the regulator said in a statement. The merger, which would combine engineering group Konecranes and cargo handling machinery maker Cargotec, would harm competition in the supply of container handling equipment products, the CMA said. Finnish engineering groups Konecranes and Cargotec decided on March 29 to cancel their planned merger after the United Kingdom Competition and Markets Authority (CMA) blocked the transaction, citing competition issues. By Foo Yun Chee. According to the CMA's final report issued today, the remedies - which would have removed all overlapping businesses of the two companies and were accepted by the European Commission ("EC") - would not be effective in addressing the CMA's concerns and thus the planned merger . The CMA's decision made on 26 November found that the merger would lead to a "significant reduction" in competition in the supply of container handling equipment product. CARGOTEC. Oct 2019 - Present2 years 8 months. The CMA provisionally concluded in its Notice of Possible Remedies that the . The merger, which . The British watchdog decided to block the potential 4.5 billion euro ($5.0 billion) deal earlier on Tuesday. The Boards of Directors of Konecranes and Cargotec will jointly make the decision on the appointment of the President and CEO before the completion of the merger. Cargotec and Konecranes were already facing . By Reuters • Updated: 30/03/2022. The new entity aims to raise current €565m operating profit by at least 10% and by €100m within three . The British watchdog decided to block the potential 4.5 billion euro ($5.0 billion) deal earlier on March 29. The two Finnish companies agreed in October on a $5 billion deal to create . The European Commission (EC) has cleared a merger between Finnish engineering companies Cargotec and Konecranes, under certain conditions. Konecranes and Cargotec, which announced a merger of equals in October 2020, compete closely in the UK. Image: Kalmar. It is hard to understand what issues the CMA could possibly have had over this merger, especially given some the 'doozies' it has approved in the past. Konecranes comments on its strategy and next steps following the abandonment of the planned merger and cancels its Annual General Meeting scheduled for March 30, 2022 March 29th, 2022 Stock exchange releases The UK CMA blocks the merger between Konecranes and Cargotec and thus the Companies have Jointly Decided to Cancel the Planned Merger . under which Konecranes would be folded into Cargotec in a merger of equals. Cargotec and Konecranes are awaiting the authorities' decisions and continue to work towards the merger being completed by the end of H1 2022. (Reuters) -Finnish engineering group Konecranes said on Thursday it expects to complete its merger with cargo handling company Cargotec only by the end of the . As a result, the boards of directors of Cargotec and Konecranes have concluded that it is in the best interest of companies and their respective shareholders that the merger is cancelled. The future company's name and location of the headquarters will be determined and announced at a later stage. 29 March 2022. Finnish-based Cargotec and Konecranes have cancelled plans for a proposed merger after UK competition regulators blocked the transaction over concerns that it would harm competition in the market . 13 July 2021: The CMA referred the anticipated merger between Cargotec Corporation and Konecranes Plc for an in-depth phase 2 investigation. The UK Competition & Markets Authority (CMA) has blocked the merger between Cargotec and Konecranes. CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 3 FEBRUARY 2022 AT 8:00 AM (EET) Cargotec and Konecranes provide an update on planned merger: Remedy requirements are more complex than expected . On 1 October 2020, Konecranes Plc and Cargotec Corporation announced that the companies have signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals. Equipment giants Konecranes and Cargotec have cancelled a merger after the UK market regulator blocked the planned deal. Until all merger closing conditions are met and the deal completed, both companies continue to . Finnish engineering groups Konecranes and Cargotec decided on Tuesday to cancel their planned merger after the United Kingdom Competition and Markets Authority (CMA) blocked the transaction, citing competition issues.The British watchdog decided to block the potential 4.5 billion euro ($5.0 billion) deal earlier on Tuesday. Cargotec and Konecranes on Thursday won EU antitrust clearance for their 4.5-billion-euro ($5 billion) deal to create a global leader in industrial machinery after agreeing to divest some businesses. Konecranes. Konecranes, Cargotec Merger Blocked by UK Antitrust Watchdog Published: March 29, 2022 at 2:28 a.m. Until all merger closing conditions are met and the deal is completed, both companies continue to operate fully separately and independently. Cargotec and Konecranes were already facing . By the end of 2021, Konecranes had booked €56m and Cargotec €57m of merger related transaction and integration planning costs. Cargotec and Konecranes have obtained clearances for the planned merger from numerous competition authorities. It is hard to understand what issues the CMA could possibly have had over this merger, especially given some the 'doozies' it has approved in the past. o Design Resource Management - engineer and lead engineer. In addition to the merger consideration shares, all the existing class A shares of Cargotec will be listed on Nasdaq Helsinki in connection with the merger. The two Finnish companies had obtained clearances for the merger from several . The Board of Directors. The CMA said its probe had found that the merger would harm competition in the supply of a wide range of container […] According to the UK Competition & Markets Authority (CMA) final report issued on 29 March, the remedies - which would have removed all overlapping businesses of the two companies and were accepted by the European Commission (EC) - would not be effective in addressing the . Dow Jones Newswires is a market-moving financial and business news source, used by wealth . Cargotec shares jumped around 25%, while Konecranes stock was up around 17%, giving a combined market value of around 4.5 billion euros ($5.3 billion), according to Refinitiv Eikon data. Konecranes and Cargotec have obtained clearances for the planned merger from numerous competition authorities. The boards of directors of Konecranes and Cargotec did not find any satisfactory solution . The approval - which follows the Commission's extensive investigation and widespread consultation with market participants across Europe - is conditional on the divestment of Konecranes' Lift Truck business and Cargotec's Kalmar Automation Solutions. Cargotec and Konecranes, two of the largest global manufacturers of shipyard and container handling cranes for ports, announced Tuesday they are abandoning their planned merger after U.K. antitrust regulators blocked the transaction and the U.S. threatened legal action. The proposed combination will be implemented as a statutory absorption merger whereby Konecranes will be merged into Cargotec. o Responsible for safety, quality, punctuality & efficiency in each & every delivery. Until all merger closing conditions are met and the deal is completed, both companies continue to operate fully separately and independently. News Container News Team-March 16, 2022 0 The international transport and logistics company Gebrüder Weiss has published preliminary net sales of US$2.8 billion for the 2021 financial year, which translates into. It agreed the merger on the basis that Konecranes would sell its Lift Truck business and Cargotec its Kalmar Automation Solutions unit. Cargotec and Konecranes remain confident that the merger will be completed by the end of H1/2022. CARGOTEC. That the Competition and Markets Authority's adverse finding was enough to scupper the deal in its entirety, reinforces its reputation . Until all merger closing conditions are met and the deal is completed, both companies continue to operate fully separately and independently. Terms of reference (13.7.21) Phase 1 FURTHER INFORMATION By the end of 2021, Konecranes had booked €56 million and Cargotec €57 million of merger related transaction and integration planning costs. Cargotec and Konecranes have abandoned merger plans after the UK Competition & Markets Authority (CMA) blocked the proposed combination. By the end of 2021, Konecranes had booked €56 million and Cargotec €57 million of merger related transaction and integration planning costs. In the above case Konecranes and Cargotec shareholders would each own half of the shares and votes of the new company. According to the CMA's final report issued last week, the remedies - which would have removed all overlapping businesses of the two companies and… The news comes soon after The European Commission's conditional approval given on 24 February (ICST March 2022, page 11). The total transaction cost estimate of EUR 125 . CONTAINER-handling equipment companies Cargotec and Konecranes called off their planned merger after the UK Competition and Markets Authority (CMA) kyboshed the move on competition concerns. Cargotec and Konecranes have obtained clearances for the planned merger from numerous competition authorities. Cargotec and Konecranes are awaiting the authorities' decisions and continue to work towards the merger being completed by the end of H1 2022. The Competition and Markets Authority (CMA), the UK's competition regulator, has flagged concerns regarding the proposed merger of cargo handling equipment providers Cargotec and Konecranes. The news comes soon after The European Commission's conditional approval given on 24 February (ICST March 2022, page 11). "Both companies consider the offered remedy package as sufficient and feasible . Cargotec said this "would have removed all overlapping businesses of the two . As announced on February 24, 2022, the EC conditionally approved the planned merger between Cargotec and Konecranes on the basis of the same remedy package rejected by the CMA, which comprised commitments to divest Konecranes Lift . In Australia, Cargotec's Kalmar business and Konecranes' Port Solutions business supply heavy equipment such as cranes, straddle carriers . IMPORTANT NOTICE The statements continue: "As previously reported, Konecranes and Cargotec have discussed remedies with relevant competition authorities based on a commitment offered to the EC to divest Konecranes' Lift Truck business and Cargotec's Kalmar Automation Solutions. -Finnish engineering groups Konecranes and Cargotec decided on Tuesday to cancel their planned merger after the United Kingdom Competition and Markets Authority . According to the CMA's final report issued today, the remedies - which would have . CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 26 NOVEMBER 2021 AT 9:15 AM (EET) Cargotec and Konecranes note CMA's announced Provisional Findings regarding the planned merger of Cargotec and Konecranes Cargotec and Konecranes note that the Competition & Market Authority of the United Kingdom ("CMA") has today announced its Provisional Findings and published its Notice of Possible . Until all merger closing conditions are met and the deal is completed, both companies continue to operate fully separately and independently. The boards of directors of Konecranes and Cargotec did not find any satisfactory solution . The merger financing arrangements comprise an EUR 400,000,000 term loan facility for Cargotec and EUR 935,000,000 term loan facilities for Konecranes exclusively . It agreed the merger on the basis that Konecranes would sell its Lift Truck business and Cargotec its Kalmar Automation Solutions unit. March 29 (Reuters) - Finnish engineering groups Konecranes KCRA.HE and Cargotec CGCBV.HE decided on Tuesday to cancel their planned merger after the United Kingdom Competition and Markets . On March 29, 2022, global container handling equipment providers [Cargotec and Konecranes] abandoned their proposed $5 billion merger after the United Kingdom Competition and Markets Authority (CMA) and the U.S. Department of Justice Antitrust Division (DOJ) rejected the parties' proposed settlements, and the CMA concluded that the transaction should be prohibited. The ACCC has outlined preliminary competition concerns in relation to a proposed merger between container handling equipment companies Cargotec and Konecranes, in a statement of issues published today. Business News. The merger, which would combine engineering group Konecranes and cargo handling machinery maker Cargotec, would harm competition in the supply of container handling equipment products, the CMA said. 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