KONECRANES PLC INSIDE INFORMATION November 26, 2021 09:15 AM EET
Konecranes and Cargotec note CMA's announced Provisional Findings regarding the planned merger of Konecranes and Cargotec
Konecranes and Cargotec 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 Konecranes and Cargotec. 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 offer of remedies by Konecranes and Cargotec.
In its report, the CMA provisionally concludes that the transaction may result in a substantial lessening of competition in several product markets.
Konecranes and Cargotec 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, Konecranes and Cargotec continue the dialogue and cooperation with other relevant competition authorities, including 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.
Konecranes and Cargotec 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.
Kiira Fröberg, Vice President, Investor Relations, tel. +358 (0) 20 427 2050
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 16,500 employees in 50 countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).