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Cargotec merger approved

The Finnish Financial Supervisory Authority has approved the prospectus for the planned merger between Konecranes and Cargotec.

The two companies announced a merger plan in October, which will see Konecranes merge into Cargotec - see: Cargotec and Konecranes to merge. The combined group would have revenues in the region of €7 billion with operating profits of €565 million, with 29,400 employees across over 50 countries with 8,500 service employees working from 800 service locations.

The deal will now require the agreement of a majority of two thirds of the shareholders with completion expected in the fourth quarter of 2021.