The Finnish Financial Supervisory Authority has approved the merger prospectus of manufacturers Cargotec and Konecranes.

Cargotec and Konecranes agreed to merge their organisations at the start of October 2020, as HLPFI reported here. The agreement will be implemented as a statutory absorption merger, whereby Konecranes will be merged into Cargotec.

Following the merger prospectus’ approval by the Finnish Financial Supervisory Authority, the deal will now require the approval of a majority of two thirds of the shareholders.

The boards of directors of Konecranes and Cargotec have proposed that the companies hold extraordinary general meetings on December 18, 2020.