17.07.2007

Cargotec suspends CVS acquisition

Cargotec has put its acquisition of CVS Ferrari, the Italian based manufacturer of reach-stackers, on hold due to the demands of the German competition authorities.

Cargotec says that “German competition authorities are demanding remedy actions, which Cargotec believes are disproportionate to the impact the contemplated transaction would have on the competitive environment.”

The deal, which was agreed in December 2006, will be suspended while Cargotec and CVS seek a satisfactory solution in order to finalise the acquisition.

In the meantime Cargotec's Kalmar division and CVS Ferrari will continue to act as independent competitors pursuing their own business.
See Kalmar buys CVS