China approves Konecranes-Cargotec merger

China approves Konecranes-Cargotec merger


China has given the green light to Finnish engineering majors Konecranes and Cargotec to proceed with their merger plans.

The duo said it received “unconditional approval” from the State Administration for Market Regulation, the competition authority in China on Tuesday.

Back in October 2020, Cargotec and Konecranes unveiled that they had signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals.

In December 2020, the Finnish Financial Supervisory Authority was the first to grant approval to the two merger partners.

The companies said they continue to work closely with the competition authorities in the remaining jurisdictions to obtain regulatory approvals.

“Cargotec and Konecranes are confident that the approvals will be received to allow completion of the transaction by the end of H1/2022. Until completion, both companies will operate fully separately and independently,” the two companies said.