Panu Routila: synergies remain intact
Konecranes' acquisition of Terex's MHPS business has cleared two sets of regulators.
The deal has received a clearance without condition from the Antitrust Division of the United States Department of Justice just hours after clearing European Commission scrutiny.
The EC has conditionally approved completion of the acquisition, subject to a commitment by Konecranes to divest its STAHL CraneSystems business.
"The divestment of STAHL CraneSystems will not affect the industrial logic behind the MHPS Acquisition," says Konecranes president and CEO Panu Routila. "The targeted operational synergies of EUR140 million (USD155 million) p.a. within three years from closing of the MHPS Acquisition remain materially intact."
Completion of the sale remains subject to additional customary closing conditions, including approval by Konecranes' extraordinary meeting of shareholders.
Konecranes and Terex continue to be fully committed to the MHPS Acquisition and are working closely with the competition authorities in the remaining jurisdictions to obtain regulatory approvals allowing completion of the MHPS Acquisition in early 2017 as planned, according to a Konecranes statement.