The Chinese Antitrust Authority requires capacity divesture in a merger between two leading manufacturers of methyl methacrylate products (Mitsubishi Rayon / Lucite International Group)

On April 24, 2009, the Chinese Ministry of Commerce (MOFCOM) announced conditional approval of the proposed acquisition of Lucite International Group Limited by Mitsubishi Rayon Co., Ltd. This is the first MOFCOM decision requiring parties to divest a portion of their production capacity as a condition of approval. Following MOFCOM's significant decision to block the Coca-Cola/Huiyuan deal last month, the Mitsubishi decision is another indication that MOFCOM is taking an aggressive stance in merger enforcement under China's new Anti-Monopoly Law (« AML »). I. Review Process Mitsubishi Rayon submitted its initial merger filing in December 22, 2008. After several supplemental submissions, MOFCOM accepted the filing as complete and started its first stage review on January 20, 2009.

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Authors

  • Jones Day (Beijing)
  • Jones Day (Beijing)
  • Winston & Strawn (New York)

Quotation

Peter J. Wang, Yizhe Zhang, Stephen Harris, The Chinese Antitrust Authority requires capacity divesture in a merger between two leading manufacturers of methyl methacrylate products (Mitsubishi Rayon / Lucite International Group), 24 April 2009, e-Competitions April 2009, Art. N° 33790

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