For the first time, MOFCOM has demanded divestment of assets held outside China in a transaction involving two non Chinese parties. On 30 October 2009, China's Ministry of Commerce (MOFCOM) announced its conditional approval of the proposed acquisition by Panasonic Corporation (Panasonic) of Sanyo Electric Co Ltd (Sanyo), subject to conditions including divestment of assets both inside and outside China [1]. This is the first time that MOFCOM has compelled divestment of assets held outside China in a transaction involving two non Chinese business operators (and the first time that it has extended its two phase 120 day review period by an additional 60 days). Background and merger review in China Panasonic's proposed acquisition of Sanyo was first announced in November 2008. The
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The China’s Ministry of Commerce compels divestment of assets inside and outside China as a condition of clearance (Panasonic / Sanyo)
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