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EU Stops Probe Into Cargotec, Konecranes Merger 

By  |  July 22, 2021
Merger

EU antitrust regulators have suspended their investigation into the merger of Finnish engineering firm Konecranes and cargo handling machinery maker Cargotec, a European Commission filing showed on Thursday.

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    The EU executive, which acts as the competition enforcer in the 27-country bloc, earlier this month opened a full-scale investigation on concerns that the deal to create a global leader in the sector would restrict competition and push up prices.

    It suspended the previously set deadline of Nov. 10 on Tuesday while waiting for the companies to provide requested information, according to the filing.

    Sources have told Reuters that the deal is unlikely to get EU clearance without concessions to address competition concerns.

    The companies provide road and sea-cargo handling machinery and services to industries, factories, ports and terminals.

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