State Administration for Market Regulation has approved the merger between Cargotec and Konecranes in China.
On 1 October 2020, Cargotec Corporation (Cargotec) and Konecranes Plc (Konecranes) announced that the companies had signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals.
Cargotec and Konecranes have received 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. Cargotec and Konecranes are confident that the approvals will be received to allow completion of the transaction by the end of 1H22. Until completion, both companies will operate fully separately and independently.