EU Okays Konecranes, Cargotec Deal With Concessions

Finnish engineering firm Konecranes and cargo handling machinery maker Cargotec will have to offer concessions if they want to secure EU antitrust approval for their merger, people familiar with the matter said.

The companies, which provide road and sea-cargo handling machinery and services to industries, factories, ports and terminals, announced the deal to create a global leader in the sector in October last year. 

The combined entity’s market power has triggered concerns from the EU competition watchdog which wants the companies to address the issues, the people said.

Regulators typically prefer asset sales to boost smaller rivals or giving them access to key technologies.

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