The Turkish Competition Authority unconditionally approves an acquisition concluding that the parties, both controlled by Chinese State authorities, constitute separate entities (Tsinghua Tongfang / CNNC Capital)

This case summary concerns an analysis of the Board’s CNNC Capital/Tongfang decision, [1] regarding the acquisition of sole control over Tsinghua Tongfang Co. Ltd. (“Tongfang”) by China National Nuclear Corporation Capital Holdings Co. Ltd. (“CNNC Capital”). The Board assessed whether the parties, both of which are ultimately controlled by state authorities of the People’s Republic of China, could be deemed as separate entities. The Board unconditionally approved the notified transaction by way of concluding that the parties indeed constituted separate entities, and thus determining that a change of control would occur as a result of the envisaged transaction, and by assessing that the transaction would not have an appreciable effect or likelihood to impede competition in any product

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