Cargotec and Konecranes, two of the largest global manufacturers of shipyard and container handling cranes for ports, announced Tuesday they are abandoning their planned merger after U.K. antitrust regulators blocked the transaction and the U.S. threatened legal action.
The two Finnish companies agreed in October on a $5 billion deal to create a combined material handling group.
The U.K. Competition & Markets Authority said it blocked the deal because proposed remedies to remove all overlapping...