cranes and grabs
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HIT TING THE BRAKE S The UK Competition and Markets Authority has pulled the plug on the planned merger between Cargotec and Konecranes. Meanwhile, a raft of new contracts have given the industry a lift
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ig players in the port sector, Cargotec and Konecranes have had their planned merger blocked by the UK’s competition authority and are now re-evaluating their strategy in the market. According to the UK Competition and Markets Authority’s (CMA) final report issued at the end of March, the remedies – which would have removed all overlapping businesses of the two companies and were accepted by the European Commission – would not be effective in addressing the CMA’s concerns and thus the planned merger between Cargotec and Konecranes cannot be completed. The completion of the planned merger would have required approvals from all relevant competition authorities. Therefore, Cargotec and Konecranes have decided to cancel the planned merger. Cargotec and Konecranes obtained clearances for the planned merger from numerous competition authorities. The European Commission conditionally approved the planned merger between them 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. In
BULK TERMINALS
international | SPRING 2022
