Reuters exclusively reports Konecranes, Cargotec to get EU okay for $5.1 billion deal; market reacts - Reuters News Agency
Business & Finance

Reuters exclusively reports Konecranes, Cargotec to get EU okay for $5.1 billion deal; market reacts

On Friday, Reuters exclusively reported that Finland’s Konecranes and Cargotec were set to take a step closer to creating a global leader in industrial machinery with conditional EU antitrust approval for their 4.5-billion-euro ($5.1 billion) tie-up. The companies, which provide road and sea-cargo handling machinery and services to industries, factories, ports and terminals, announced the deal in October last year but subsequently faced opposition from the European Commission. Konecranes and Cargotec last month offered to sell assets to address the EU competition enforcer’s concerns that the merger may curb competition and push up prices.

Market Impact

Shares in Konecranes were up 8% and up over 6% for Cargotec Monday morning following the report.



Article Tags
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceEquities
Regions: Europe
Countries: Finland
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Important Regional Story
Finnish cargo handling solutions maker Cargotec logo is pictured at the headquarters in Helsinki, Finland, October 1, 2020. Heikki Saukkomaa/Lehtikuva/via REUTERS      ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY. NO THIRD PARTY SALES. NOT FOR USE BY REUTERS THIRD PARTY DISTRIBUTORS. FINLAND OUT. NO COMMERCIAL OR EDITORIAL SALES IN FINLAND.
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