Ad hoc-Mitteilungen

Progress in Regulatory Proceedings in the Merger between Cargotec and Konecranes: The Companies have Submitted Commitments to the European Commission to Satisfy Competition Concerns

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CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 9 DECEMBER 2021 AT 1:00 PM (EET)

Progress in Regulatory Proceedings in the Merger between Cargotec and Konecranes: The Companies have submitted commitments to the European Commission to Satisfy Competition Concerns

As communicated earlier, Cargotec and Konecranes have continued active dialogue and cooperation with relevant competition authorities, and have been considering ways to mitigate the concerns raised by the competition authorities to secure approvals to complete the merger of Cargotec and Konecranes. 

Cargotec and Konecranes have today submitted a remedy package to the European Commission (“EC”) comprising a commitment to divest Konecranes’ Lift Truck business and Cargotec's Kalmar Automation Solutions. The proposed divestitures would eliminate overlaps between the parties’ Container Handling Equipment businesses but allow the combined company (the “Future Company”) to combine others and continue to be a strong player in all aspects in Container Handling Equipment. Cargotec and Konecranes understand that the EC will now examine the proposed remedy package and may conduct a customary market testing.

Cargotec and Konecranes are confident that the proposed remedies appropriately address the concerns raised by the EC. Should clearance be obtained based on the offered remedy package, the merger would proceed comprising of Konecranes’ Industrial Equipment and Service businesses as currently operated, Cargotec’s MacGregor and Hiab businesses as currently operated as well as the operations of Konecranes’ Port Solutions and Cargotec’s Kalmar businesses other than the areas subject to remedy discussions. Cargotec and Konecranes are confident that the Future Company will create customer value within container handling industry with its wide product and lifecycle service offering, as well as development and innovation capabilities.

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