On 27th December MacGregor stated that clearance of the transaction had been received from the competition authorities in South Korea
MacGregor, part of Cargotec, and TTS Group ASA, first announced the purchase and sale agreement of TTS’s marine and offshore business segments announced on 8th February, 2018, subject to regulatory approvals from competition authorities in China, Germany and South Korea. The parties hoped to complete the transaction by the end of 2018.
MacGregor announced the approval from the German regulator on 6 November 2018, but added that due to longer than expected regulatory processes in China and South Korea, this schedule had slipped to Q1 2019.
With the clearance decision from the South Korean Fair Trade Commission, the Chinese approval is still awaited.
During the past 10 months, TTS has announced seven separate deals for cranes, other deck equipment, ro-ro and lo-lo access equipment for various shipyards worth a total of NOK449M (€44.9M).