Monday, August 3, 2009
On July 21, 2009, the Antimonopoly Bureau of China's Ministry of Commerce (MOFCOM) released statistics on their premerger approval work. The Gerson Lerhman Group has an English language summary with links to the Chinese report is available here.
Since August 2008 when China's Antimonopoly Law (AML) took effect and through the end of 2009, MOCFOM received 58 merger filings, among them the review of 46 cases had been completed. MOFCOM approved 43 cases without conditions, approved 2 cases with conditions, and rejected 1 case. Pursuant to Article 30 of the AML, MOFCOM had published earlier its decisions on the three cases that were either rejected or approved with conditions. These decisions provide a peek into MOFCOM's thinking in reviewing mergers and acquisitions that might cause anticompetitive concerns in China.
While we're on the topic of China's AML, here's a recent article in China Law Vision on the extraterritoriality of China's AML. The author suggests that the AML would not reach the Rio Tinto - BHP Biliton transaction.