The UK Competition Authority blocks the merger of two Finnish suppliers of equipment to port operators rejecting remedies offered by the parties (Cargotec / Konecranes)

Cargotec/Konecranes: Failed shipping equipment merger illustrates aggressive UK/U.S. enforcement and increased skepticism of remedies* On March 29, 2022, global container handling equipment providers [Cargotec and Konecranes] abandoned their proposed $5 billion merger after the United Kingdom Competition and Markets Authority (CMA) and the U.S. Department of Justice Antitrust Division (DOJ) rejected the parties’ proposed settlements, and the CMA concluded that the transaction should be prohibited. The same remedies had already been accepted by the European Commission, which cleared the merger to proceed in February. This is one of several recent examples of deals being abandoned due to antitrust challenges in the UK and United States. The deal illustrates (1) the extent to which

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Authors

  • Morrison & Foerster (Washington)
  • Morrison & Foerster (London)
  • Morrison & Foerster (Brussels)
  • Morrison & Foerster (Washington)

Quotation

Jeff Jaeckel, Marie-Claire Strawbridge, Thomas McQuail, Vishal Mehta, The UK Competition Authority blocks the merger of two Finnish suppliers of equipment to port operators rejecting remedies offered by the parties (Cargotec / Konecranes), 29 March 2022, e-Competitions March 2022, Art. N° 106323

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