Today, Konecranes and Cargotec announced their intention to merge. The new company that the merger would result in will be a global leader in sustainable material flow. Hartwall Capital, Konecranes’ largest owner with 10,01% of the shares, welcomes the merger and continues to support it by committing to vote for the merger.
– As the largest shareholder of Konecranes, we are happy to have had a very active role and therefore finally enabling this process, says Hartwall Capitals Chairman of the board Michael Rosenlew.
– We believe the merger is the right way forward. Together, Konecranes and Cargotec will form a new Finnish large corporation, with strong Finnish ownership, which we can take pride in.
The proposed combination will be implemented as an absorption merger whereby Konecranes will be merged into Cargotec. Konecranes shareholders will receive, as a merger consideration, new shares in Cargotec corresponding to half of the new company’s share capital, value and votes, in addition to a proposed extra distribution of funds corresponding to 2 euros per share to be distributed prior to the completion of the merger. As a result, Hartwall Capital will own 5% of the new company after the merger is completed.
The boards of directors of Konecranes and Cargotec unanimously recommend the merger to their respective shareholders. The merger will require approval by the extraordinary general meetings that Konecranes and Cargotec will convene, as well as obtaining the necessary competition regulatory approvals. According to the companies, shareholders representing approximately 44.8 percent of the shares and approximately 76.3 percent of the votes of Cargotec, and shareholders representing approximately 27.4 percent of the shares and votes of Konecranes have committed to support the merger. Subject to all conditions for completion being fulfilled, the completion of the merger is expected to occur in the fourth quarter of 2021.