Update on competition filing – Chinese clearance still pending 25.06.2019

TTS Group ASA ("TTS") announced on 8 February 2018 that the company had entered into an asset sale agreement with MacGregor, a subsidiary of Cargotec Oyj listed on Nasdaq Helsinki Stock Exchange in Finland.

Completion of the contemplated transaction is subject to approval, unconditional or on conditions acceptable to MacGregor, from relevant competition authorities in China, South Korea and Germany. Approvals from German and South Korean competition authorities were announced 6 November 2018 and 27 December 2018 respectively.

According to stock exchange notification of 25 March 2019, the parties expected to receive clearance from Chinese competition authorities within end of Q2 2019. Chinese competition authorities have yet not completed their investigations, and according to the information we have received, timeline for the last phase of the current cycle of the filing process in China is due in July.