6 May 2022
- Yong Bai, Zibo Liu, Iwona Terlecka, Marta Szczecińska (Matynia), Anna Łyczakowska, Torsten Syrbe
- Beijing, Warsaw, Düsseldorf
Clifford Chance advises on global antitrust filings related to strategic restructuring of China XD Group and related subsidiaries of State Grid Corporation
Leading international law firm Clifford Chance has advised on global antitrust filings for the strategic restructuring of China XD Group (Xidian) and related subsidiaries of State Grid Corporation (State Grid). Under the restructuring plan, related subsidiaries of State Grid will be merged with Xidian into a new company, China Electrical Equipment Group Co., Ltd. (China Electrical Equipment Group), which will produce equipment related to electric transmission and distribution.
The team was led out of Beijing by partner and head of antitrust practice for Greater China Yong Bai, who was supported by counsel Zibo Liu. Antitrust experts in the firm's Warsaw office including counsel Iwona Terlecka, and associates Marta Szczecińska (Matynia) and Anna Łyczakowska were also part of the transaction team. Partner Torsten Syrbe in Dusseldorf and professional support lawyer Ani Tangyan also advised on the Russian antitrust aspects of the transaction.
Yong Bai said, "We are very honoured to be part of the Chinese state-owned enterprises' strategic restructuring in the power sector. This transaction further demonstrates our China antitrust team's strong capabilities in assisting Chinese companies in dealing with global antitrust matters."
The antitrust team in Beijing continues to advise on some of the most complex and significant transactions in Greater China. The team has recently advised on the merger and foreign investment filings for other sizable transactions by Chinese state-owned enterprises, including the strategic merger between Sinochem Group Co., Ltd. and China National Chemical Corporation Ltd., China State Shipbuilding Corporation Limited's merger with China Shipbuilding Industry Corporation, China Baowu Steel Group on its acquisition of 51% interest in Taiyuan Iron & Steel Group and China Baowu Steel Group on its acquisition of 51% interest in Magang Group.
Xidian and State Grid are ranked among the largest electric companies in China and Fortune Global 500. Under the restructuring plan, both companies will combine their assets valued at close to RMB 120 billion (US$18.88 billion) and folded into China Electrical Equipment Group, which has four listed companies. China Electrical Equipment Group operates across more than 60 countries and regions around the world and is committed to becoming a leading manufacturer of power transmission and distribution of equipment.
高伟绅大中华区反垄断业务主管合伙人柏勇律师牵头高伟绅全球反垄断团队为本项目提供法律服务，北京办公室刘子博为项目提供主要支持。高伟绅华沙办公室的反垄断团队亦参与了本项目，包括：Iwona Terlecka、Marta Szczecińska (Matynia) 和 Anna Łyczakowska。此外，高伟绅杜塞尔多夫办公室合伙人Torsten Syrbe为本项目提供了俄罗斯反垄断方面的建议。