Cargotec and TTS Group ASA have issued statements from Helsinki and Bergen that the German Federal Cartel Office (Bundeskartellamt) has cleared MacGregor’s acquisition of the TTS marine and offshore businesses.
TTS Group ASA announced in February this year that it had entered into an asset sale agreement with MacGregor.
The completion of the intended transaction is still subject to regulatory approvals in China and South Korea. MacGregor expects to receive these approvals by the end of 2018 and to complete the transaction, according to the agreement, as soon as possible thereafter.
In connection with its planned acquisition of the marine and offshore businesses of TTS Group, MacGregor and China State Shipbuilding Corporation (CSSC) have signed a Letter of Intent (LOI) on strategic cooperation.
MacGregor sees that this cooperation will further strengthen its presence in Asia and specifically in China, the world’s biggest shipbuilding market. CSSC is a very important partner for MacGregor, as it is the primary shipbuilding group in China and well positioned as a global leader in the industry.
The two companies signed their first joint venture in Nanjing earlier this years and the business license was obtained in March.