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Clifford Chance advises Sinochem and ChemChina on antitrust aspects of their strategic merger

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2 September 2021

Clifford Chance advises Sinochem and ChemChina on antitrust aspects of their strategic merger

Leading international law firm Clifford Chance has advised Sinochem Group Co., Ltd. (Sinochem) and China National Chemical Corporation Ltd. (ChemChina) on the multi-jurisdictional merger control and foreign investment control filings for the two groups' strategic merger. The merger of the two leading players in the Chinese chemical sector which also rank among Fortune Global 500 represents a combined turnover of over RMB 1000 billion, making the merged new entity Sinochem Holdings a first-class chemical company consisting of eight strategic sectors, 16 publicly listed companies with operations across more than 150 countries around the world.

Yong Bai, partner and head of Clifford Chance's Greater China antitrust practice, led the firm's global antitrust team and in Beijing was supported by senior associate Zibo Liu, associate Xiang Li and transaction support lawyer Genglun Chen. Others involved in the firm's global network included, among others, partner Marc Besen and senior associate Anne Filzmoser in Dusseldorf, partner Richard Blewett in Brussels, partners Dave Poddar and Mark Currell, senior associates Mark Grime and Alice Bradshaw, associate Angel Fu in Sydney, partners Sharis Pozen and Timothy Cornell, counsel Brian Concklin in Washington, counsel Masafumi Shikakura and associate Hisao Ito in Tokyo and partner Torsten Syrbe, senior associate Olga Mizikova and transaction support lawyer Ani Tangyan in Moscow.

This ground-breaking transaction involved merger control and foreign investment control filings and consultation procedures in more than 20 jurisdictions across five continents.

Notably, the Clifford Chance team has also advised ChemChina and Sinochem on the multi-jurisdictional merger control and foreign investment control filings in relation to the agricultural restructuring between the agricultural businesses within ChemChina and Sinochem groups.

Yong Bai said, "We are delighted our global antitrust team could assist Sinochem and ChemChina on their historic and strategic merger. This adds to our strong track record acting on headline transactions for major Chinese companies in key sectors of the economy."

The Beijing antitrust team recently also led on advising on the merger control and foreign investment control filings for other sizable transactions, including China State Shipbuilding Corporation Limited's merger with China Shipbuilding Industry Corporation and China Baowu Steel Group's acquisition of a 51% stake in Taiyuan Iron & Steel. 

高伟绅就中化集团与中国化工集团的合并交易所涉境外反垄断事务提供法律服务

国际领先律师事务所高伟绅就两化合并(即中化集团有限公司与中国化工集团有限公司的战略合并)涉及的境外司法辖区的反垄断申报和外商投资申报,为两化提供全球法律服务。两化为中国化工行业的两大龙头企业,均列世界500强,营业额合计超过万亿人民币。合并后新成立的中国中化控股有限责任公司将是全球领先的综合性化工企业,覆盖8个战略业务板块和16家上市公司,业务遍及全球150多个国家及地区。高伟绅合伙人兼大中华区反垄断业务负责人柏勇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、李响和陈赓伦为项目提供主要支持。此外,高伟绅全球多个办公室的反垄断团队亦参与了本项目,包括:杜塞尔多夫办公室的Marc Besen和Anne Filzmoser;布鲁塞尔办公室的Richard Blewett;悉尼办公室的Dave Poddar、Mark Currell、Mark Grime、Angel Fu和Alice Bradshaw;华盛顿特区办公室的Sharis Pozen、Timothy Cornell和Brian Concklin;东京办公室的Masafumi Shikakura和Hisao Ito;以及莫斯科办公室的Torsten Syrbe、Olga Mizikova和Ani Tangyan。

这一开创性的合并交易涉及全球五大洲20多个司法辖区的反垄断及外商投资审批及商谈程序。

值得一提的是,高伟绅中国反垄断团队此前还就中国化工与中化集团旗下的农业版块业务重组所涉及的多个境外司法辖区反垄断和外商投资申报事宜,为两化提供法律服务。

柏勇表示:“我们对高伟绅全球反垄断团队能在两化合并这一历史性的战略交易中为中化集团和中国化工集团提供服务感到非常高兴。这是高伟绅为涉足关键行业的重要中国企业所进行的重量级交易提供法律服务的又一成功案例。”

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以及中国宝武钢铁集团收购太原钢铁股份有限公司51%股权的交易。