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. The approval from German competition
authorities was announced 6 November 2018.
According to previous stock exchange notifications regarding the planned
transaction, the parties expected to receive clearance from all competition
authorities during Q4 2018, and consequently complete the transaction, according
to the agreement, as soon as possible thereafter.
We are still awaiting clearance from Chinese and South Korean competition
authorities, and will complete the transaction after receiving these approvals.
We expect the closing to take place in Q1 2019.
Bergen, 20 December 2018
TTS Group ASA
http://www.ttsgroup.com
Contact persons:
Toril Eidesvik
CEO
M: +47 900 78 218
Leiv Kallestad
CFO
M: +47 958 95 661