The European Commission has cleared the acquisition by Konecranes of Terex’s crane and container handling business, MHPS, although it is conditional on the divestment of Konecranes’ Stahl subsidiary, which supplies industrial cranes, crane components and spare parts.
The proposed transaction would bring together Konecranes and Terex’s MHPS, creating the world’s leading provider of hoists, industrial cranes and handling solutions.
The commission’s preliminary investigation found that the transaction would create significant overlaps between Konecranes’ and Terex’s activities in the supply of electric chain hoists and wire rope hoists, which are components used to build cranes, as well as standard cranes and container handling equipment.
Konecranes offered to divest its entire Stahl global business for hoists, cranes and other handling materials, including the associated production facility based in Germany.
The commission said this divestment removed the whole overlap in Germany and more than half of the overlap in France for both electric chain hoists and wire rope hoists. At EEA level, the divestment removes completely the overlap for wire rope hoists and halves the overlap for electric chain hoists.