Cargotec, Konecranes win EU antitrust approval for $5 bln merger – Reuters

BRUSSELS, Feb 24 (Reuters) – Cargotec (CGCBV.HE) and Konecranes (KCRA.HE) on Thursday won EU antitrust clearance for their 4.5-billion-euro ($5 billion) deal to develop an international leader in commercial equipment after accepting divest some businesses.The business, which offer road and sea-cargo handling machinery and services to industries, terminals, factories and ports, revealed their tie-up in October last year.The European Commission stated the business treatments addressed its issues that the offer may harm competition and cause greater rates, confirming a Reuters story on Feb. 4. Register now totally free endless access to Reuters.comRegister”Port terminal operators, logistics companies and a vast array of commercial gamers in Europe depend upon this devices to raise and bring containers and heavy loads,” European Competition Commissioner Margrethe Vestager said in a statement.”In the existing container shipping market landscape, we required to make certain that this merger would not hurt the supply chains by further rate increases,” she said.Cargotec promised to divest its complete cranes and straddle/shuttle provider service, consisting of a production plant in Poland and a licence for use of Cargotecs Kalmar brand for the divested product categories.Konecranes will offer its organization for the manufacturing and commercialisation of reach stackers, complete container handlers, empty container handlers and forklift trucks, including plants in Sweden and China along with agreements with suppliers.($1 = 0.8951 euros)Register now free of charge unlimited access to Reuters.comRegisterReporting by Foo Yun Chee; modifying by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

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