{"id":18624,"date":"2020-10-01T18:51:37","date_gmt":"2020-10-01T15:51:37","guid":{"rendered":"https:\/\/www.al-sindbad.net\/konecranes-to-merge-with-cargotec\/18624\/"},"modified":"2020-10-01T18:51:37","modified_gmt":"2020-10-01T15:51:37","slug":"konecranes-to-merge-with-cargotec","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/konecranes-to-merge-with-cargotec\/18624\/","title":{"rendered":"Konecranes to merge with Cargotec"},"content":{"rendered":"<p><\/p>\n<figure class=\"wp-block-image\"><img alt=\"\" \/><\/figure>\n<p class=\"has-intro-font-size\">Finnish engineering majors Konecranes and\u00a0Cargotec have signed a combination agreement and a plan to combine the two companies through a merger.<\/p>\n<p>The proposed combination will be implemented as a statutory absorption merger whereby Konecranes will be merged into\u00a0Cargotec. <\/p>\n<p>Upon completion of the merger, Konecranes and Cargotec shareholders would each own approximately 50 percent of the shares and votes of the future company.<\/p>\n<p>The new company aims to achieve a comparable operating profit in excess of 10 percent, supported by synergies expected to be approximately  \u20ac 100 million annually and fully realized in the first 3 years from the completion. <\/p>\n<p>As informed, combined annual sales are about \u20ac7 billion, while operating profit would have been approximately \u20ac565 million based on the 2019 fiscal year.<\/p>\n<p> Reuters reported that Cargotec shares jumped around 25%, while Konecranes stock was up around 17% following the announcement, giving a combined market value of around $5.3 billion.<\/p>\n<p>\u00a0<em>\u201dThe combination of Konecranes and\u00a0Cargotec, with their iconic technology brands, innovation capabilities, talented people and focus on sustainability, will create a company that is clearly greater than the sum of its parts, delivering robust synergies and creating a unique platform for shareholder value creation,&#8221; <\/em> Konecranes Chairman, <strong>Christoph Vitzthum<\/strong>, said.<\/p>\n<p><em>\u201cSustainability has been high on\u00a0Cargotec\u2019s agenda since its foundation and this merger enables us to become a global leader in sustainable material flow,&#8221;<\/em> Cargotec\u00a0Chairman, <strong>Ilkka Herlin<\/strong>, said. <\/p>\n<p>&#8220;<em>Our customers are increasingly seeking green solutions and together we will have better opportunities to solve customers\u2019 challenges. I believe this is an excellent value creation opportunity both from a business perspective and also shaping global trade for the better.<\/em> <\/p>\n<p> Completion is expected in the fourth quarter of 2021, and is subject to all copetition authority and other customary approvals.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.offshore-energy.biz\/konecranes-to-merge-with-cargotec\/\">Konecranes to merge with Cargotec<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.offshore-energy.biz\">Offshore Energy<\/a>.<\/p>\n<p>world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finnish engineering majors Konecranes and\u00a0Cargotec have signed a combination agreement and a plan to combine the two companies through a merger. The proposed combination will be implemented as a statutory absorption merger whereby Konecranes will be merged into\u00a0Cargotec. Upon completion of the merger, Konecranes and Cargotec shareholders would each own approximately 50 percent of the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":18625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[5535,3853,1843],"class_list":["post-18624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-cargotec","tag-konecranes","tag-merge"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/18624","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=18624"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/18624\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/18625"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=18624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=18624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=18624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}