October 1, 2020
- 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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