EU sets July 2 deadline for decision on Cargotec-Konecranes deal

BRUSSELS (Reuters) – EU antitrust regulators will decide by July 2 whether to clear the merger of Finnish engineering company Konecranes and cargo handling machinery maker Cargotec.

The companies, which announced the deal in October last year, sought approval from the European Commission last Friday, according to a filing on the EU executive’s website.

The EU competition enforcer can either clear the deal with or without conditions after its preliminary review or it can open a four-month investigation if it has serious concerns.

The Finnish government’s investment arm, Solidium, is the second-biggest shareholder in Konecranes with an 8.51% stake.

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