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TTS acquisition “postponed to Q3 2019”

MacGregor, part of Cargotec, is still waiting for approval of its takeover of TTS Group ASA from the Chinese regulatory authorities.

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TTS acquisition “postponed to Q3 2019”

When the deal for the marine and offshore business of TTWS was announced on 8 February, 2018, it was thought that all regulatory approvals would be approved by the end of 2018.

 

In the event, approvals from the German and Korean authorities were received in November and December respectively.

 

MacGregor announced in March that it expected to receive approval from the competition authority in China and close the transaction during Q2 2019. It has now stated, however, that "due to a longer than expected regulatory process in China, the company currently expects closing of the transaction to take place in Q3 2019."

 

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