Cargotec, Konecranes Cancel Merger After UK CMA Blocks Deal

• (PLX AI) - Cargotec and Konecranes have jointly decided to cancel the planned merger after the UK CMA blocks the transaction.
• • The UK Competition & Markets Authority said remedies - which would have removed all overlapping businesses of the two companies and were accepted by the European Commission - would not be effective in addressing the CMA's concerns and thus the planned merger between Cargotec and Konecranes cannot be completed
• • Konecranes says we believe that further remedies would have not been in the best interest of Konecranes' shareholders as they would have changed the strategic rationale of the transaction