The European Commission commences Phase II review of the merger between Cargotec and Konecranes; completion of the merger expected by the end of H1/2022

CARGOTEC CORPORATION, STOCK EXCHANGE RELEASE, 2 JULY 2021 AT 8:00 PM (EEST)
The European Commission commences Phase II review of the merger between Cargotec and Konecranes; completion of the merger expected by the end of H1/2022

On 1 October 2020, Cargotec Corporation (“Cargotec”) and Konecranes Plc (“Konecranes”) announced that the companies have signed a combination agreement and plan to combine through a merger, subject to regulatory and other approvals (the “Transaction”).

Cargotec and Konecranes confirm that they have filed for approval in many of the jurisdictions where the transaction requires regulatory review. The various competition authorities, including the European Commission (“EC”), the UK Competition and Markets Authority, the US Department of Justice and the Chinese State Administration for Market Regulation, are currently reviewing the proposed Transaction.

The EC has today opened a Phase II review in connection with the planned Transaction. The Phase II review is a common step in the EC merger review of global transactions of this size. Phase II will enable the EC to consider the contemplated transaction in further detail. Cargotec and Konecranes will continue to work closely and in active dialogue with the relevant authorities including the EC allowing to mitigate or eliminate preliminary concerns that the EC has raised. The companies expect that the Phase II review will continue during H2/2021.

The companies are confident that the approvals are received to allow completion of the Transaction by the end of H1/2022. Until completion, both companies will operate fully separately and independently.

For further information, please contact:
Carina Geber-Teir, SVP Communications, carina.geber-teir(a)cargotec.com, tel. +358 40 5024 697
Aki Vesikallio, Director, Investor Relations, aki.vesikallio(a)cargotec.com, tel. +358 40 729 1670

IMPORTANT NOTICE
The Merger and the merger consideration securities have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”), and may not be offered, sold or delivered within or into the United States, except pursuant to an applicable exemption of, or in a transaction not subject to, the Securities Act.

The information in this release is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, the United States or any other locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction and it does not constitute an offer of or an invitation by or on behalf of, Cargotec, or any other person, to purchase or sell any securities.

The information in this release contains forward-looking statements, which are information on Cargotec’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could” and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Cargotec’s control that could cause Cargotec’s actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Cargotec’s present and future business strategies and the environment in which it will operate in the future.

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact Business Ambition for 1.5°C. The company's sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com