More M&A data to be shared
Source: Bloomberg News |
July 28, 2011, Thursday
|
Print Edition
Print Edition
CHINA and the United States signed an agreement in Beijing yesterday to increase information sharing between government agencies in the world's two biggest economies on cross-border mergers and acquisitions.
The nations aim to enhance exchanges on developments and potential changes to competition policy and law, according to the memorandum of understanding on antitrust and antimonopoly cooperation signed by the US Federal Trade Commission, the US Department of Justice, China's National Development and Reform Commission, China's Ministry of Commerce and China's State Administration for Industry and Commerce.
China and the US have sought to strengthen ties as trade between the nations quadrupled in the past decade, and China passed Japan in 2008 to become the biggest holder of American debt. Chinese President Hu Jintao traveled to the US in January for the first full state visit by a Chinese leader since 1997.
"Deals between the US and China will continue increasing, and lots of deals will fall under antimonopoly laws," Hubert Tse, a Shanghai-based partner at law firm Boss & Young, said yesterday. "It'll benefit both countries if the agreement can work on a friendly basis."
As part of the pact signed yesterday, the US and China will also cooperate on training programs, workshops, study missions and internships. Each of the agencies plans to appoint a liaison for facilitating contact, according to the agreement.
China's commerce ministry received more than 130 merger and acquisition applications in 2010, "much more" than the previous year, according to a statement posted on the ministry's website in January, which didn't give more details.
The ministry blocked Coca-Cola Co's US$2.3 billion bid for China Huiyuan Juice Group Ltd in 2009, with the ministry saying the takeover would have hurt competition in the nation's juice and beverage market. The deal would have been the biggest foreign takeover of a Chinese company.
In 2010, Sichuan Tengzhong Heavy Industrial Machinery Co failed to win approval from Chinese regulators to buy General Motors Co's Hummer brand.
The nations aim to enhance exchanges on developments and potential changes to competition policy and law, according to the memorandum of understanding on antitrust and antimonopoly cooperation signed by the US Federal Trade Commission, the US Department of Justice, China's National Development and Reform Commission, China's Ministry of Commerce and China's State Administration for Industry and Commerce.
China and the US have sought to strengthen ties as trade between the nations quadrupled in the past decade, and China passed Japan in 2008 to become the biggest holder of American debt. Chinese President Hu Jintao traveled to the US in January for the first full state visit by a Chinese leader since 1997.
"Deals between the US and China will continue increasing, and lots of deals will fall under antimonopoly laws," Hubert Tse, a Shanghai-based partner at law firm Boss & Young, said yesterday. "It'll benefit both countries if the agreement can work on a friendly basis."
As part of the pact signed yesterday, the US and China will also cooperate on training programs, workshops, study missions and internships. Each of the agencies plans to appoint a liaison for facilitating contact, according to the agreement.
China's commerce ministry received more than 130 merger and acquisition applications in 2010, "much more" than the previous year, according to a statement posted on the ministry's website in January, which didn't give more details.
The ministry blocked Coca-Cola Co's US$2.3 billion bid for China Huiyuan Juice Group Ltd in 2009, with the ministry saying the takeover would have hurt competition in the nation's juice and beverage market. The deal would have been the biggest foreign takeover of a Chinese company.
In 2010, Sichuan Tengzhong Heavy Industrial Machinery Co failed to win approval from Chinese regulators to buy General Motors Co's Hummer brand.
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