AmCham-China

On 23 April 2009, following three months of review, the Anti-Monopoly Bureau of the China Ministry of Commerce (MOFCOM) issued a statement clearing the acquisition of Lucite International Group Limited (“Lucite”) by Mitsubishi Rayon Company Limited (“Mitsubishi Rayon”). The clearance was, however, subject to a number of substantive conditions, intended to remedy competition concerns MOFCOM had identified on certain chemicals markets in China.

This ruling is significant. It shows that MOFCOM is fully prepared to take a strong stance in applying the new Anti-Monopoly Law, not only in transactions centred close to home (as in the recent, well-publicised prohibition of Coca-Cola’s attempt to buy Huiyuan Juice) but also in relation to regional or global deals, where China may not be the only country impacted.