The Chinese MOFCOM conditionally clears a merger in the manufacture of flat panel displays sector (Merck / AZ Electronics)

On April 30, MOFCOM approved the acquisition of AZ Electronic Materials S.A. (“AZ”) by Merck KGaA (“Merck”). MOFCOM's review focused on two products that are components in the manufacture of flat panel displays (FPDs): liquid crystal and photoresist. The decision indicates that MOFCOM engaged outside economists to assist with its review. MOFCOM found that, because both liquid crystal and photoresist are raw materials used for FPD manufacturing, they are "complementary" and constitute "adjacent"

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Peter J. Wang, Sébastien J. Evrard, Yizhe Zhang, The Chinese MOFCOM conditionally clears a merger in the manufacture of flat panel displays sector (Merck / AZ Electronics), 30 April 2014, e-Competitions Bulletin April 2014, Art. N° 67172

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