The European Commission’s Phase II review of the potential merger between Konecranes and Cargotec is expected to be completed by the end of H1 2022.
In a statement, Konecranes said it and Cargotec have filed for approval in jurisdictions where regulatory review is required.
The various competition authorities, including the European Commission, 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.
“Phase II will enable the EC to consider the contemplated transaction in further detail,” Konecranes said.
“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.”