1. Friday May 25, 2018
      Home > News > Economy
      Text:| Print|

      New M&A review process to be launched

      2012-12-28 10:21 Global Times     Web Editor: qindexing comment

      The Ministry of Commerce (MOFCOM), the regulator responsible for review of acquisitions and mergers under China's Anti-Monopoly Law, announced Thursday that it has drafted a simplified review procedure that will benefit applicants by offering a shortened review period.

      Under the new procedure, MOFCOM will complete the review in less than a month, compared with the normal procedure that lasts longer than 30 days, Shang Ming, director general of the Anti-Monopoly Bureau under MOFCOM, said at a press conference Thursday.

      Mergers and acquisitions (M&A) often draw public attention, as they involve global transactions. The ministry is known for blocking Coca Cola's $2.4 billion deal to buy China's largest fruit juice maker Huiyuan Juice Group in 2009.

      Applicants must meet certain conditions in order to be eligible for the simplified procedure, one of which is that their deal will lead to a market share of less than 10 percent, according to the draft rule, which will be subject to approval from lawmakers, Shang noted.

      "It is expected to be implemented in 2013," Shang said.

      The simplified procedure is in response to public concerns that the current review procedure takes too long, Huang Yong, a law professor with the Beijing-based University of International Business and Economics, told the Global Times Thursday.

      Huang is a member of the team that drafted China's Anti-Monopoly Law, and a consultant to MOFCOM.

      Together with the simplified procedure, another rule regarding conditional approval for M&A is also expected to be released next year under the framework of China's Anti-Monopoly Law, which has been effective since August 2008.

      The new rule explains under which circumstances conditional approval will be given and measures for dealing with disagreements, Shang noted.

      The number of M&A applications filed so far this year has reached 186, about the same as last year. The number is expected to be stable over the next two years, Shang said.

      Meanwhile, MOFCOM has closed 154 cases this year, with 142 approved unconditionally, six conditionally and another six withdrawn by the applicants, according to the regulator.

      The conditionally approved cases include Western Digital's acquisition of Hitachi Global Storage Technologies, Google's buyout of Motorola Mobility, and US retail giant Wal-Mart's acquisition of Niuhai Holding, parent company of China's largest online supermarket, Yihaodian.

      The key standards in MOFCOM's review are concentration of market share and transfer of control.

      The vague definition of control makes the review difficult, according to Shang, who expressed hope that lawmakers and the State Council can work out further details.

      People normally think that a 51 percent stake in a company is a controlling stake, but there are many cases that are more complicated in practice, Huang said.

      Certain cases still need to be clarified under the Anti-Monopoly Law, he said, such as whether it counts as transfer of control if a principal shareholder who owns less than a 50 percent stake in a company wants to transfer the shareholding.

      Antitrust enforcement in China is overseen by MOFCOM, the National Development and Reform Commission, and the State Administration for Industry and Commerce.

      Comments (0)

      Copyright ©1999-2011 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 色www永久免费网站| 国产在线一区二区综合免费视频 | 免费国产高清毛不卡片基地| 久草在视频免费福利| 亚洲国产情侣一区二区三区| 国产免费的野战视频| 亚洲日本在线播放| 91精品国产免费久久久久久青草| 亚洲人成网站在线观看播放动漫 | APP在线免费观看视频| 亚洲午夜久久久影院| 99久久99久久免费精品小说| 亚洲第一页在线视频| 成年美女黄网站18禁免费| 亚洲AV无码专区国产乱码不卡| 国产午夜免费福利红片| 日本高清不卡中文字幕免费| 亚洲综合av永久无码精品一区二区| 中国好声音第二季免费播放| 亚洲va中文字幕无码久久| 97av免费视频| 亚洲中文精品久久久久久不卡| 国产精品无码一二区免费| 一级毛片免费播放试看60分钟| 亚洲精品成人无码中文毛片不卡| 麻豆成人久久精品二区三区免费 | 免费人成视频在线观看视频| caoporm超免费公开视频| 亚洲AV本道一区二区三区四区| 动漫黄网站免费永久在线观看| 久久精品国产亚洲AV电影网| 精品亚洲一区二区三区在线观看| 国产精品区免费视频| 亚洲成年网站在线观看| 亚洲日韩人妻第一页| 84pao国产成视频免费播放| jizzjizz亚洲日本少妇| 亚洲VA中文字幕无码一二三区| 女人张开腿等男人桶免费视频| free哆拍拍免费永久视频| 亚洲一级免费毛片|