UK Competition & Market Authority Publish Provisional Findings on Cargotec and Konecranes Merger
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 Remedies regarding the planned merger of Cargotec and Konecranes. 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 an offer of remedies by Cargotec and Konecranes.
In its report, the CMA provisionally concludes that the transaction may result in a substantial lessening of competition in several product markets, specifically:
- rubber tyre gantry cranes (RTG)
- automated stacking cranes (ASC)
- shuttle carriers (ShC) and straddle carriers (SC)
- empty container handlers (ECH)
- heavy duty forklift trucks (HDFLT)
- reach stackers (RS)
- automated terminal tractors (ATT)
Cargotec and Konecranes 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, Cargotec and Konecranes continue the dialogue and cooperation with other relevant competition authorities, including the 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.
Cargotec and Konecranes 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.
Source Cargotec and Competition & Market Authority of the United Kingdom