CARGOTEC's MacGregor has received the go-ahead from the Chinese competition regulator, SAMR, to acquire the marine and offshore businesses of TTS Group ASA.
Based on revised estimates, potential cost synergies are estimated to be EUR25-30 million (US$28.15 million) on an annual level and are expected to be reached within three years from closing, a company stock exchange release said.
MacGregor now has all the regulatory approvals required to wrap up the transaction, which is anticipated to close on July 31, after gaining approval from the German regulator and the South Korean authority in the fourth quarter of 2018.
Said MacGregor: 'The Chinese competition authority approval includes temporary requirements relating to the terms and conditions of certain new equipment business undertaken in China, and the need to hold certain new equipment businesses separately for a period of two years.'
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Based on revised estimates, potential cost synergies are estimated to be EUR25-30 million (US$28.15 million) on an annual level and are expected to be reached within three years from closing, a company stock exchange release said.
MacGregor now has all the regulatory approvals required to wrap up the transaction, which is anticipated to close on July 31, after gaining approval from the German regulator and the South Korean authority in the fourth quarter of 2018.
Said MacGregor: 'The Chinese competition authority approval includes temporary requirements relating to the terms and conditions of certain new equipment business undertaken in China, and the need to hold certain new equipment businesses separately for a period of two years.'
WORLD SHIPPING