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 Meanwhile, MOFCOM has closed 154 cases this year, with 142 approved unconditionally, six conditionally and another six withdrawn by the applicants, according to the regulator.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: 精品在线免费视频| 亚洲色偷拍另类无码专区| 永久免费视频网站在线观看| 1000部无遮挡拍拍拍免费视频观看 | 亚洲精品在线免费看| 亚洲中文字幕在线观看| 亚洲乱码一二三四五六区| 亚洲AV无码一区二区乱子仑| 国产精品玖玖美女张开腿让男人桶爽免费看 | 久久久久久久久久久免费精品| 免费无码成人AV在线播放不卡| 成人五级毛片免费播放| 国产一级淫片视频免费看| 亚洲国产精品无码久久久秋霞2| 亚洲人成影院在线高清| 成人免费视频77777| 亚洲中文字幕无码久久综合网| 成人自慰女黄网站免费大全| 四虎www免费人成| 国产成人精品久久亚洲高清不卡| 91香蕉国产线在线观看免费| 亚洲中文字幕在线第六区| 日韩精品无码一区二区三区免费| 亚洲永久中文字幕在线| 精品乱子伦一区二区三区高清免费播放| 亚洲人成无码网站| 亚洲一区免费在线观看| 亚洲乱码中文字幕久久孕妇黑人 | 亚洲免费电影网站| 一级毛片免费播放男男| 99在线免费视频| 免费在线观看黄网站| 亚洲日本VA午夜在线影院| 一级成人a毛片免费播放| 国产精品亚洲二区在线观看| 亚洲永久在线观看| 亚洲视频免费一区| 国产精品手机在线亚洲| 亚洲国产精品无码专区| 免费特级黄毛片在线成人观看 | 亚洲人JIZZ日本人|