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By Jin Xiong, Yinli Zhang   King & Wood Mallesons’  M&A Group

On 19 July 2014, state-owned enterprise Tsinghua Unigroup Ltd. (“Tsinghua Unigroup“) and RDA Microelectronics, Inc. (“RDA”) jointly announced the completion of the US$907 million merger and acquisition of RDA (“Merger”). The announcement noted that the Merger was completed according to the Agreement and Plan of Merger previously announced on 11 November 2013 and amended on 20 December 2013 (“Merger Agreement”). The Merger Agreement contemplated that the Merger was to be executed through Tsinghua Unigroup’s overseas subsidiary company, and when the Merger is completed, RDA would launch into its delisting procedures.
Continue Reading Tsinghua Unigroup and RDA deal closed, but controversy far from over

By Xiong Jin, Paul Schroder and Edward Tudor

Developments in China’s Tsinghua Unigroup’s bid for HKSE-listed RDA Microelectronics show the immediate impact of December’s relaxation of outbound investment regulations in China. However, uncertainty remains around the application of the “one Chinese bidder” policy.
Continue Reading Relaxation of NDRC rules has immediate impact, but uncertainty remains if there is only ever one anointed Chinese bidder

By Susan Ning, Ji Kailun and Yin Ranran

Only 10 days after its conditional clearance of the Alpha V/Savio deal1, the Ministry of Commerce (MOFCOM) published, on 10 November 2011, the third conditional merger clearance of this year approving the proposed joint venture between General Electric (China) Ltd. (GE China) and China Shenhua Coal to Liquid and Chemical Co., Ltd. (CSCLC)2. 

This is the first conditional decision relating to a Chinese Stated-owned enterprise (SOE) and the number of MOFCOM’s conditional clearance decisions is lifted to nine in total.  According to MOFCOM’s announcement, the review process lasted for about 7 months starting from April 13 when the notification was first submitted to MOFCOM.

Continue Reading MOFCOM Imposed Conditions on SOEs – GE/Shenhua Deal

On 31 October 2011, the Ministry of Commerce (MOFCOM) publicly announced the eighth conditional merger clearance since the enactment of the Anti-monopoly Law (AML) in 2008. According to its announcement, MOFCOM cleared the proposed acquisition by Alpha Private Equity Fund V (Alpha V) of Savio group (an Italia based textile machinery producer, Savio) with four conditions. This is also the second conditional merger clearance this year.
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Continue Reading MOFCOM’s 8th Conditional Clearance – Alpha V/Savio Deal

By Susan Ning and Liu Jia

On 31 October 2011, the Ministry of Commerce (MOFCOM) publicly announced the eighth conditional merger clearance since the enactment of the Anti-monopoly Law (AML) in 2008.  According to its announcement1 , the review process lasted for 3.5 months starting from 14 July 2011 when the notification was submitted to MOFCOM. 

Set forth below is a chart outlining the review process.Continue Reading Alpha V/Savio Deal – A Procedural Overview of MOFCOM’s Decision-making Process

By Susan Ning, Chai Zhifeng and Angie Ng

On June 2, 2011, Ministry of Commerce (MOFCOM) publicly announced the first conditional merger clearance in 2011. At its [2011] No. 33 Announcement, MOFCOM cleared Uralkali’s proposed acquisition of Silvinit (the Parties) (both potash producers based in Russia) with conditions.  This is the 7th conditional merger clearance since the enactment of the Anti-monopoly Law (AML) in 2008.   MOFCOM is obliged by statute to publish conditional clearances. 

The following are the salient points to note vis-à-vis this conditional clearance:Continue Reading The Russian Potash Deal – first conditional clearance of 2011