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31 October 2020 The on-line newspaper devoted to the world of transports 09:08 GMT+1



October 1, 2020

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Konecranes and Cargotec announce merger plan

The transaction will lead to the creation of a company who will be the world's leading producer in the port and intermodal crane segment

The Finns Konecranes and Cargotec, among the leading manufacturers world's handling equipment, including those for transport sector, have announced a merger project. Konecranes makes cranes and handling equipment for the sector shipyards and ports and terminals Port. Cargotec manufactures vehicles that are marketed Kalmar brand for the crane segment for the port, port, logistics and industrial, with the Hiab brand for the crane segment for construction, transport and activities industrialists, and with the MacGregor brand for the means of and systems for ships and offshore installations. Last Konecranes, which has about 17,300 employees, recorded a revenues of 3.33 billion euros, while Cargotec, which has a 12,000 people, totaled a turnover of about 12,000 3.68 billion euros.

The transaction will be carried out through a merger incorporation, with Cargotec that will absorb the Konecranes. The Planned design for Cargotec to issue new actions, without cargotec shareholders and in proportion to the shares by issuing two new A-class shares for class A action and two new Class B actions for each class A action. each Class B action, including new shares issued in the Cargotec for the company's own shares. Subsequently, Konecranes shareholders will receive as 0.3611 new Class A shares and 2.0834 cargotec's new B-class shares for each share of the Konecranes detained by them. As a result, shareholders Konecranes will own about 50% of the shares and votes cargotec as well as current shareholders I think it is a good thing that the At the end of the merger project, which is expected to be completed by the end of 2021, the new Cargotec will be Nasdaq Helsinki, the stock market where it is currently Shares of Konecranes and Cargotec are traded.

The merger is expected to save money 100 million euros a year, a figure that can be three years after the completion of the project. Konecranes and Cargotec have specified that the future it will have about 29,400 employees in more than 50 countries.

Meanwhile, Cargotec has confirmed its intention to pursue possible sale of Navis, a company that develops mainly aimed at the management of terminals ports and naval fleets, to the definition of the loading plans ships and task planning resources of railway and intermodal companies. Cargotec has It stated that the assessment of strategic alternatives Navis include new ownership structures and potential sale company's IT business.


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