Merger Control under Chinese Law Practical Matters from the Applicant’s Perspective

Patrick Chan, Dirk Elvermann, Edwin Li, Jan 25, 2012 Along with its growing economic power, China has become a major jurisdiction where multinational companies conduct their businesses. The Chinese legal and regulatory requirements play a significant role in global transactions. Consistent with this importance, the Chinese laws and regulations are evolving rapidly and are living […]

An Analysis of China’s Merger Control System

Rong Hongzhi, Cui Shufeng, Jan 25, 2012 In the three plus years since the Anti-Monopoly Law (“AML”) entered into force on August 1, 2008, China has started to enforce the antitrust review for concentrations between business operators (often called “merger control” abroad). Within this period, the sets of rules applicable to the antitrust merger review […]

How to Deal with Merger Control of Listed Chinese Companies

Liyong Jiang, Jan 25, 2012 China’s capital market has witnessed numerous mergers and acquisitions (“M&A”) among listed companies in recent years. Data shows that 564 M&A deals involving listed companies took place in China from 2005 to 2009, valued at RMB 220 million (approximately US$ 35 million; EUR 27 million) per year. Listed companies in […]

Minority Shareholdings Under Antitrust Law: A Regulatory Gap?

Paul Lugard, Jan 10, 2012 It is hard to underestimate the importance of minority shareholdings in today’s economy. This applies to investments of private, non-financial institutions and institutional investors alike. Minority shareholdings, even between competing companies, are a widespread phenomenon in sectors as diverse as banking, insurance, energy, air travel, high-tech electronics, and automotive. The […]

Minority Shareholdings, Material Effects?

Bojana Ignjatovic, Derek Ridyard, Jan 10, 2012 In a speech delivered in March 2011, Commissioner Almunia indicated a concern that EU merger control, in contrast to some national merger control regimes, is unable to investigate minority equity stakes as mergers.He has instructed Commission staff to consider this “gap” in enforcement and whether it needs to […]

Antitrust Concerns from Partial Ownership Interest Acquisitions: New Developments in the European Union and the United States

Samuel Miller, Marc Raven, David Went, Jan 10, 2012 This article will focus on recent developments in the European Union and the United States relating to antitrust issues arising from the acquisition of partial ownership interests in an entity. An important distinction exists in the treatment of partial ownership acquisitions between the European Union and […]

Partial Acquisitions: Recent MOFCOM Action Suggests Possible Divergence With U.S. Standards

Paul Cuomo, Charles Malaise, Changrong Xu, Jan 10, 2012 Long ago, the U.S. Supreme Court confirmed that partial acquisitions are subject to the Clayton Act’s prohibition against transactions that may substantially lessen competition. Since that time, the Department of Justice and Federal Trade Commission have challenged many partial acquisitions (as have private plaintiffs-typically firms attempting […]

Competition and Governance: Minority Shareholdings in Small Countries

Sean Ennis, Jan 10, 2012 Competition and good governance are closely related. When competition law and corporate governance intersect, it is important to be sure that the overlap gives rise to consistent policies. This paper identifies two major areas of intersection concerning minority shareholdings. The paper finds that competition law yields outcomes consistent with corporate […]

Reform of the EU Merger Regulation: Looking Out for the Minority

Killian Kehoe, Christian Riis-Madsen, Sophia Stephanou, Jan 10, 2012 The last few months have witnessed new episodes in the long-running litigation concerning whether or not the minority non-controlling stake held by Ryanair in Aer Lingus can, or should, be examined under merger control provisions. This ongoing saga has re-triggered an EU-wide debate on the nature […]

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