CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 26 NOVEMBER 2021 AT 9:15 AM (EET)
Cargotec and Konecranes note CMA’s announced Provisional Findings regarding the planned merger of Cargotec and Konecranes
Cargotec and Konecranes 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 Cargotec and Konecranes. 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 an offer of remedies by Cargotec and Konecranes.
In its report, the CMA provisionally concludes that the transaction may result in a substantial lessening of competition in several product markets.
Cargotec and Konecranes 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, Cargotec and Konecranes continue the dialogue and cooperation with other relevant competition authorities, including the 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.
Cargotec and Konecranes 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.
For further information, please contact:
Carina Geber-Teir, SVP Communications, carina.geber-teir(a)cargotec.com, tel. +358 40 5024 697
Aki Vesikallio, Director, Investor Relations, aki.vesikallio(a)cargotec.com, tel. +358 40 729 1670
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, Cargotec, or any other person, to purchase or sell any securities.
The information in this release contains forward-looking statements, which are information on Cargotec’s 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 Cargotec’s control that could cause Cargotec’s 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 Cargotec’s present and future business strategies and the environment in which it will operate in the future.
Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact Business Ambition for 1.5°C. The company's sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,000 people.
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