The Chinese MOFCOM conditionally clears a merger between undertakings in the market of textile machinery (Penelope / Savio Macchine Tessili)

On 14 July 2011, Penelope Srl (“Penelope”) notifies the Chinese Ministry of Commerce (“MOFCOM”) on acquiring control of Spa Savio Macchine Tessili (“Savio”). After preliminary scrutiny, the MOFCOM considers the acquisition was likely to eliminate or restrict competition in the market of electronic fibre clearer for automatic winders. On 15 September, the MOFCOM raised its concern on the acquisition to the notifying parities. On 23 September, the notifying parties proposed behavioural remedies to the MOFCOM for clearance. On 30 September, the MOFCOM decided to process to phase II investigation until 29 December. During the phase II investigation, the MOFCOM evaluated the proposal of remedies and considered that it could effectively reduce the adverse effects on competition. On 31 October,

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  • Kingson Law Firm

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Chuyun Xiao, The Chinese MOFCOM conditionally clears a merger between undertakings in the market of textile machinery (Penelope / Savio Macchine Tessili), 31 October 2011, e-Competitions Bulletin October 2011, Art. N° 40191

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