Konecranes and Cargotec merger can go ahead in China

State Administration for Market Regulation has approved the merger between Konecranes and Cargotec in China.

On 1 October 2020, Konecranes Plc (Konecranes) and Cargotec Corporation (Cargotec) announced that the companies had signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals (the Transaction).

Konecranes and Cargotec have received an unconditional approval from the State Administration for Market Regulation, the competition authority in China, for their planned merger.

The companies continue to work closely with the competition authorities in the remaining jurisdictions to obtain regulatory approvals. Konecranes and Cargotec are confident that the approvals will be received to allow completion of the Transaction by the end of H1/2022. Until completion, both companies will operate fully separately and independently.