Cargotec Withdraws Application To Acquire Konecranes

Cargotec Corporation has formally withdrawn its application to the Commerce Commission for clearance to acquire Konecranes Plc.

The Commission had been scheduled to make a decision on Cargotec’s clearance application by 28 April 2022.

Background
Both Cargotec and Konecranes supply a range of cargo and container handling equipment for the loading and unloading, transportation and handling of containers, general and bulk cargo to port companies and other customers in the freight, transport and associated industries.

Cargotec had sought clearance from the Commission for a global transaction that would have seen Konecranes and Cargotec merge. However, the two firms announced on 29 March 2022 that they had decided to cancel the planned merger.

We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market. Further information explaining how the Commission assesses a merger application is available on our website.

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