China

EU UPDATE – European Commission Considers Whether All Chinese SOEs should be Considered a Single Economic Entity for Merger Clearance Purposes

Published on: October 13 2011
Contributed by: Kees Peijster, Eric Pijnacker Hordijk and Geert Potjewijd, De Brauw Blackstone Westbroek (Amsterdam/Beijing)

Executive Summary: The European Commission recently issued clearance under the merger control rules for the proposed joint venture between DSM and Sinochem. The Commission considered the question of whether all Chinese State-Owned Enterprises (so called “SOEs”) should be considered a single economic entity, but left the question open for future determination after concluding that even … Continued

Editors’ Note:  Kees Peijster, Eric Pijnacker Hordijk and Geert Potjewijd are partners at De Brauw Blackstone Westbroek, resident in Amsterdam and Beijing, respectively, and are members of XBMA’s Legal Roundtable.  As leading Dutch M&A lawyers, they have broad expertise handling significant cross-border transactions involving China and the Netherlands, including the DSM/Sinochem transaction described below.  The issue of whether to view all Chinese SOEs as a single economic entity, and therefore to aggregate their ownership interests, could have important implications under many regulatory regimes and could prove to be rather controversial.  We invite comments and additional papers on this topic.

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CHINESE UPDATE – China Inc.’s Revamped Cross-Border Takeover Strategy Shows Signs of Success, Correcting the Mistakes of the First Wave of Chinese Foreign Acquisitions

Published on: October 10 2011

How China Reset Its Global Acquisition Agenda, by Peter J. Williamson and Anand P. Raman Executive Summary/Highlights: The first wave of cross-border takeovers by Chinese companies, between 2000 and 2007, was unsuccessful because of a number of strategic and tactical mistakes, including pursuit of inexpensive deals and troubled companies that were difficult to turn around; … Continued

Editors’ Note:  Peter J. Williamson, one of the authors of this very interesting article, is Professor of International Management at Cambridge Judge Business School and a founding director of XBMA.  Professor Williamson is one of world’s the foremost experts on the internationalization of Chinese companies and their global impact, cross-border mergers and acquisitions, and the implications for corporate strategy of globalization, among other areas, and also has extensive experience in prominent positions in the business world.  This article was published in the Harvard Business Review in April 2011.

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CHINESE UPDATE – New National Security Review Rules: A Justifiable Cause of Anxiety?

Published on: October 5 2011
Contributed by: Zhao Bing and Susan Ning, King & Wood (Beijing)

Executive Summary/Highlights: On 25 August 2011, the Ministry of Commerce (MOFCOM) released the MOFCOM Rules for Implementation of Relevant Issues regarding National Security Review Mechanism for Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (NSR Rules). One of the key provisions states that foreign investors shall not evade the NSR regime via alternative transaction … Continued

Editors' Note: This paper was written by Susan Ning, Huang Jing and Yin Ranran, and contributed by Susan Ning and Zhao Bing, partners at King & Wood. Ms. Ning heads King & Wood's International Trade and Antitrust and Competition Group and is widely recognized as one of the leading experts in the field, with many years of experience working with MOFCOM to secure merger clearance. Susan Ning and Zhao Bing are members of XBMA's Legal Roundtable.

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XBMA – Quarterly Review for Q1 2011

Published on: June 29 2011

The attached slides summarize trends in cross-border M&A and strategic investment activity throughout the first quarter of 2011.   Highlights: Global M&A volume for Q1 2011 was US$671.8 billion, up 29.5% as compared to Q1 2010. Cross-border transactions have rebounded substantially from 2009: 38% of Q1 2011 global M&A was cross-border — up slightly from … Continued

Editor's Note: This is an example of the type of post and content the XBMA Forum seeks to showcase.

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