KONECRANES PLC STOCK EXCHANGE RELEASE AUGUST 10, 2021 08:30 AM EEST
State Administration for Market Regulation has approved the merger between Konecranes and Cargotec in China
On 1 October 2020, Konecranes Plc (“Konecranes”) and Cargotec Corporation (“Cargotec”) announced that the companies had signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals (the “Transaction”).
Konecranes and Cargotec have received an unconditional approval from the State Administration for Market Regulation, the competition authority in China, for their planned merger.
The companies continue to work closely with the competition authorities in the remaining jurisdictions to obtain regulatory approvals. Konecranes and Cargotec 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.
Vice President, Investor Relations
Vice President, Investor Relations,
tel. +358 (0) 20 427 2050
The Merger and the merger consideration securities have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), and may not be offered, sold or delivered within or into the United States, except pursuant to an applicable exemption of, or in a transaction not subject to, the Securities Act.
The information in this release is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, the United States or any other locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction and it does not constitute an offer of or an invitation by or on behalf of, Konecranes, or any other person, to purchase or sell any securities.
The information in this release contains forward-looking statements, which are information on Konecranes’ current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Konecranes’ control that could cause Konecranes’ actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Konecranes’ present and future business strategies and the environment in which it will operate in the future.
Konecranes is a world-leading group of Lifting Businesses™, serving a broad range of customers, including manufacturing and process industries, shipyards, ports and terminals. Konecranes provides productivity enhancing lifting solutions as well as services for lifting equipment of all makes. In 2020, Group sales totaled EUR 3.2 billion. The Group has around 16,500 employees in 50 countries. Konecranes shares are listed on the Nasdaq Helsinki (symbol: KCR).