The European Commission has opened an in-depth investigation to assess the proposed merger of Cargotec Corporation (Cargotec) and Konecranes (Konecranes) under the EU Merger Regulation. The Commission is concerned that the proposed acquisition may reduce competition in the supply of certain container and cargo handling equipment in Europe.
Executive Vice-President Margrethe Vestager, responsible for competition policy, said, ”Cargotec and Konecranes are two global leaders in the supply of container and cargo handling equipment.We will carefully assess whether the proposed transaction would negatively affect competition in the supply of this equipment, possibly leading to reduced choice and higher prices, to the detriment of European customers.”
Cargotec and Konecranes are the largest European and both among the leading global manufacturers of container and cargo handling equipment, as well as providers of terminal automation solutions. Container and cargo handling equipment include cranes, such as ship-to-shore cranes and gantry cranes, horizontal equipment to move containers from the quayside to the container yard, such as straddle and shuttle carriers and terminal tractors, as well as mobile equipment, such as reach stackers and forklifts.
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