Multinationals play leading role in China’s M&A
08/18/2009 Source: Xinhua
Since August 1, 2008, the day on which China’s Anti-Monopoly Law came into effect, the Ministry of Commerce (MOFCOM) received over 100 prior notifications of concentrations of undertakings, and 58 of them were accepted. Multinationals were involved in 40 cases, indication their strong mergers & acquisitions capability as well as keen law awareness, said Yao Jian, spokesman of the MOFCOM, on August 17.
Anti-monopoly reviews have helped to safeguard fair competition and public interest, he said.
Among the 58 prior notifications of concentrations of undertakings accepted by the MOFCOM, 46 cases were concluded: 43 won unconditional approval, 2 got conditional approval, and only Coca-Cola’s bid to acquire Huiyuan was rejected.
The MOFCOM has set up anti-monopoly dialogue mechanisms with the EU, the US, Japan, United Nations Conference on Trade and Development (UNCTAD), OECD and APEC, Yao added.
