August 9 - Konecranes has received approval from the European Commission (EC) and the US Department of Justice (USDOJ) for its pending acquisition of Terex's material handling and port solutions (MHPS) business.
The EC approval is conditional on a commitment by Konecranes to divest its STAHL CraneSystems business, which has approximately 700 employees and provides crane components and technology. Konecranes has pledged to immediately begin the divestment process.
Early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Acts of 1976 has resulted in clearance without condition for the deal from the USDOJ's Antitrust Division
"The divestment of STAHL CraneSystems will not affect the industrial logic behind the MHPS acquisition. The targeted operational synergies of EUR140 million (USD155 million) per annum within three years from closing of the MHPS acquisition remain materially intact," said Konecranes president and CEO Panu Routila.
Konecranes added that, together with Terex, it is working closely with the competition authorities to obtain regulatory approvals, which will allow for completion of the MHPS acquisition in early 2017.