The merger between Cargotec and Konecranes has hit a stumbling block, having come under criticism in the UK.
The Competition & Market Authority of the United Kingdom (CMA) has revealed its provisional findings regarding the planned merger of Cargotec and Konecranes, stating that the transaction may result in a substantial lessening of competition in several product markets.
Cargotec and Konecranes disagree with CMA’s provisional conclusions. Together, the manufacturers will consider the contents of the 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 are expected and both Cargotec and Konecranes said they remain confident that the merger will be completed in the first half of 2022.