By Dominic Chopping
The U.K. Competition and Markets Authority said Tuesday that it will begin a further investigation into the proposed merger between crane manufacturer Konecranes Oyj and cargo-handling-solutions provider Cargotec Oyj.
The two Finnish companies announced plans to merge in October in a deal that would create a combined material-handling group and deliver annual synergies of around 100 million euros ($121.9 million).
The U.K. regulator said it has completed an initial examination of the deal and concluded that a merger could result in a substantial lessening of competition within a market or markets in the U.K.
The CMA said it has referred the merger between Cargotec and Konecranes for an in-depth Phase 2 investigation under its fast-track procedure.
Write to Dominic Chopping at [email protected]
