MOFCOM Raised Specific Concerns over Adjacent Markets in Its Merger Review* Introduction On April 30, 2014, China’s Ministry of Commerce (“MOFCOM”) granted a conditional clearance on the proposed $3.1 billion acquisition of London-listed AZ Electronic Materials S.A. (“AZ”) by Merck KGaA (“Merck”) in accordance with the Anti-Monopoly Law. AZ is a special chemical material supplier to the electronics industry, and Merck is a leading company engaging in the production and sales of biopharmaceutical, life science instruments and specialty chemicals. MOFCOM imposed following behavioral conditions that are binding for three years: (1) Merck shall not engage in tying of its product and AZ’s product, (2) when licensing its patents on liquid display crystals based on non-exclusive and
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The Chinese MOFCOM grants a conditional clearance on a proposed $3.1 billion acquisition on the market for liquid display crystals and photoresists (Merck / AZ Electronics)
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