Cargotec, a Finnish company that makes cargo-handling machinery for ships, ports, terminals and local distribution, terminated its agreement to merge with Konecranes, a Finnish company, which specialises in the manufacture and service of cranes and lifting equipment, in a $5bn deal. "The Board of Cargotec is convinced that the merger would have created substantial value for the entire industry as well as shareholders by improving sustainable material flow. The combination would have created a strong European company enabling accelerated shared abilities to innovate without harming competition. We have done all we could to realise the merger and are disappointed that our plans have had to be abandoned. After a long and extensive regulatory review process and merger planning preparations it is time to shift our full focus on executing Cargotec’s own strategy and value-creation opportunities," Ilkka Herlin, Cargotec Chairman. On May 31, 2021, the EU set a deadline for the decision about the deal on July 2, 2021. On August 10, 2021, State Administration for Market Regulation approved the merger between Konecranes and Cargotec in China. On February 24, 2022, Cargotec and Konecranes win EU antitrust approval for merger. On March 29, 2022, the CMA blocked the transaction, resulting in its termination.