{"id":126320,"date":"2022-03-29T08:31:25","date_gmt":"2022-03-29T08:31:25","guid":{"rendered":"https:\/\/fin2me.com\/?p=126320"},"modified":"2022-03-29T08:31:25","modified_gmt":"2022-03-29T08:31:25","slug":"britain-blocks-5-billion-cargotec-konecranes-merger-on-competition-concerns","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/britain-blocks-5-billion-cargotec-konecranes-merger-on-competition-concerns\/","title":{"rendered":"Britain blocks $5 billion Cargotec-Konecranes merger on competition concerns"},"content":{"rendered":"<figcaption class=\"Slideshow-description-447Md\">Slideshow <span>( 2 images )<\/span><\/figcaption><p>(Reuters) -Britain blocked a proposed merger between Finnish industrial machinery firms Cargotec and Konecranes Abp on Tuesday, after its competition watchdog found \u201csubstantial\u201d competition concerns.<\/p>\n<p>Britain\u2019s Competition and Markets Authority (CMA) said its in-depth probe found the 4.5-billion-euro ($4.95 billion) merger would harm competition in the supply of many container handling products.<\/p>\n<p>Konecranes and Cargotec, which announced a merger of equals in October 2020, compete closely in the UK.<\/p>\n<p>\u201cThis loss of competition could have serious consequences for UK port terminals and other customers, including higher prices and lower quality products and services across a wide range of container handling products,\u201d CMA said in a statement.<\/p>\n<p>The CMA\u2019s move comes one month after the European Union gave the deal conditional antitrust approval after the two Finnish companies in January offered to sell assets to address competition concerns.<\/p>\n<p>Neither company immediately responded to Reuters\u2019 request for comment on the CMA decision on Tuesday.<\/p>\n<p>($1 = 0.9090 euros)<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/regulator-cargotec-konecranes\/britain-blocks-5-billion-cargotec-konecranes-merger-on-competition-concerns-idUSKCN2LQ0GI\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Slideshow ( 2 images )(Reuters) -Britain blocked a proposed merger between Finnish industrial machinery firms Cargotec and Konecranes Abp on Tuesday, after its competition watchdog [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":126319,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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