The Commerce Commission has received an application from Cargotec Corporation (Cargotec) seeking clearance to acquire Konecranes Plc (Konecranes) as part of a global transaction. Both Cargotec and Konecranes supply a range of cargo and container handling equipment for the loading and unloading, transportation and handling of containers, general and bulk cargo to port companies and other customers in the freight, transport and associated industries.
Cargotec is a Finnish company that operates in three main areas. These are the provision of cargo handling equipment and terminal solutions (such as cranes, terminal tractors, straddle carriers and forklifts), on-road load handling equipment (such as truck mounted cranes) and maritime services. In New Zealand, Cargotec supplies its cargo handling equipment through its wholly owned subsidiary, Kalmar New Zealand Limited.
Konecranes is a Finnish listed company. It specialises in the provision of lifting equipment, including cranes, terminal tractors, shuttle carriers, straddle carriers, container handlers and forklifts. In New Zealand, Konecranes sells equipment through its wholly owned Australian subsidiary, its German and Finnish offices and a New Zealand-based distributor, Port Solutions Limited.
A public version of the clearance application will be available shortly on the Commission's case register.
Background
We will give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
