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Clifford Chance advises on global antitrust filings related to strategic restructuring of China XD Group and related subsidiaries of State Grid Corporation

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6 May 2022

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.

高伟绅为中国西电集团与国家电网部分企业实施战略重组成立中国电力装备集团提供全球反垄断申报法律服务

国际领先律师事务所高伟绅就中国西电集团(以下简称“西电集团”)与中国国家电网(以下简称“国家电网”)部分企业实施战略重组,成立中国电力装备集团所涉及的境外反垄断申报提供法律服务。

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。

柏勇律师表示:“我们非常荣幸参与到电力领域的中国国企重组,这再次证明了我们中国反垄断团队协助中国企业完成境外反垄断事务的突出实力。”

高伟绅中国反垄断团队此前还曾就多个重大交易为中国客户提供境外反垄断申报和外商投资申报相关的法律服务,包括中化集团有限公司与中国化工集团有限公司的合并中国船舶工业集团有限公司与中国船舶重工集团公司的合并宝武钢铁收购太钢集团51%股权的交易及宝武钢铁收购马钢集团51%股权的交易。

西电集团和国家电网多年来分别位居中国电气百强企业及世界五百强企业前列。本次战略重组涉及的双方总资产近1200亿元人民币。重组后,新成立的中国电气装备集团致力于成为全球领先的输配电装备制造企业,集团内包含四家上市公司,业务遍及全球60多个国家和地区。