Konecranes Board settles Performance Share Plan 2020, approves merger with Cargotec

The Board of Directors of Konecranes Plc has resolved the criterion for the second measurement period of the Performance Share Plan 2020

The Board of Directors of Konecranes Plc has resolved adjusted earnings per Share (EPS) as the criterion for the second measurement period of the Performance Share Plan 2020. Adjustments to the EPS include defined restructuring costs, mergers and acquisitions related deal costs and other unusual items.

Performance Share Plan 2020 includes three separate measurement periods and separate targets for 2020, 2021 and 2022, each year with equal weighting. The launch and essential terms and conditions of the Plan were published in a stock exchange release on July 23, 2020.

However, the Board of Directors of Konecranes at the Extraordinary General Meeting (“EGM”) of Konecranes Plc (“Konecranes”) held today Friday 18 December 2020 approved the merger of Konecranes into Cargotec Corporation (“Cargotec”) in accordance with the merger plan (the Merger) signed by the Boards of Directors of Konecranes and Cargotec on 1 October 2020 (the Merger Plan”) and approved the Merger Plan.

Pursuant to the Merger Plan, Konecranes shall be merged into Cargotec through an absorption merger so that all assets and liabilities of Konecranes shall be transferred without a liquidation procedure to Cargotec and Konecranes will be dissolved. The shareholders of Konecranes will receive new shares in Cargotec as merger consideration in proportion to their existing shareholdings as described in more detail in the Merger Plan.

896 shareholders, representing 51,721,933 shares and votes in total, participated in the advance voting. The Board of Directors’ proposal concerning the Merger was supported by a total of 45,577,553 votes, which corresponded to approximately 88.12 percent of the total number of shares and votes represented at the EGM. Two shareholders, representing a total of 7,650 shares and votes, requested that the shareholder’s shares would be redeemed in redemption proceedings.

The completion of the Merger is subject to necessary merger control approvals having been obtained, the Extraordinary General Meeting of Cargotec having approved the Merger and other conditions to completion having been fulfilled. The planned Merger completion date is 1 January 2022, however, the date is subject to change and the actual completion date may be earlier or later than 1 January 2022.

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