KONECRANES PLC INSIDE INFORMATION JULY 2, 2021 8:00 PM EEST
The European Commission commences Phase II review of the merger between Konecranes and Cargotec; completion of the merger expected by the end of H1/2022
On 1 October 2020, Konecranes Plc (“Konecranes”) and Cargotec Corporation (“Cargotec”) announced that the companies have signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals (the “Transaction”).
Konecranes and Cargotec confirm that they have filed for approval in many of the jurisdictions where the transaction requires regulatory review. The various competition authorities, including the European Commission (“EC”), the UK Competition and Markets Authority, the US Department of Justice and the Chinese State Administration for Market Regulation, are currently reviewing the proposed Transaction.
The EC has today opened a Phase II review in connection with the planned Transaction. The Phase II review is a common step in the EC merger review of global transactions of this size. Phase II will enable the EC to consider the contemplated transaction in further detail. Konecranes and Cargotec will continue to work closely and in active dialogue with the relevant authorities including the EC allowing to mitigate or eliminate preliminary concerns that the EC has raised. The companies expect that the Phase II review will continue during H2/2021.
The companies are confident that the approvals are received to allow completion of the Transaction by the end of H1/2022. Until completion, both companies will operate fully separately and independently.
Vice President, Investor Relations
Vice President, Investor Relations,
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The Merger and the merger consideration securities have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), and may not be offered, sold or delivered within or into the United States, except pursuant to an applicable exemption of, or in a transaction not subject to, the Securities Act.
The information in this release is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, the United States or any other locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction and it does not constitute an offer of or an invitation by or on behalf of, Konecranes, or any other person, to purchase or sell any securities.
The information in this release contains forward-looking statements, which are information on Konecranes’ current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Konecranes’ control that could cause Konecranes’ actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Konecranes’ present and future business strategies and the environment in which it will operate in the future.
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2020, Group sales totaled EUR 3.2 billion. The Group has around 16,600 employees in 50 countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).