Cargotec-Konecranes merger granted approval by Chinese regulator

Cargotec-Konecranes merger granted approval

The proposed merger between Cargotec and Konecranes is a step nearer completion after it was granted approval by regulators in China.

In a statement, Cargotec said it has received “unconditional approval” from the State Administrator for Market Regulation, the competition authority in China, for the planned merger.

“The companies continue to work closely with the competition authorities in the remaining jurisdictions to obtain regulatory approvals,” the company said.

“Cargotec and Konecranes are confident that the approvals will be received to allow completion of the Transaction by the end of H1/2022.

“Until completion, both companies will operate fully separately and independently.”

On August 6, 2021, the companies announced the appointment of Mika Vehviläinen as the President and CEO of the new business that will come out of the merger.

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