Merger prospectus agreed for Konecranes and Cargotec

Konecranes Plc and Cargotec Corporation announced on 1 October 2020 that the Boards of Directors of Konecranes and Cargotec have agreed upon the combination of the two companies by signing a combination agreement and a merger plan (Merger Plan), according to which Konecranes shall be merged into Cargotec through a statutory absorption merger in accordance with the Finnish Companies Act whereby all assets and liabilities of Konecranes shall be transferred without a liquidation procedure to Cargotec (Merger), and that the Boards of Konecranes and Cargotec unanimously recommend the Merger to their respective shareholders. The shareholders of Konecranes will receive new class A and class B shares in Cargotec in proportion to their shareholdings as merger consideration (Merger Consideration Shares). The Boards of Directors of Konecranes and Cargotec have on 2 November 2020 proposed that the Extraordinary General Meetings of Konecranes and Cargotec both convened to be held on 18 December 2020 would resolve upon the Merger as set forth in the Merger Plan.