Clifford Chance advises China Baowu Group on global antitrust and FDI filings of its acquisition of Sinosteel Group

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27 March 2023

Yong Bai, Dayu Man, Mark Currell, Alexander Duffy, Masafumi Shikakura, Machiko Ishii, Dimitri Slobodenjuk, Torsten Syrbe, Hendrik Kühn, Julius Schradin, Itir Çiftçi, ,
Beijing, Hong Kong, Sydney, Tokyo, Düsseldorf, Istanbul

Clifford Chance advises China Baowu Group on global antitrust and FDI filings of its acquisition of Sinosteel Group

Leading international law firm Clifford Chance has advised the world's largest steel producer China Baowu Steel Group Corporation Limited on the global merger control and foreign investment filings for its acquisition of 100% interest of Sinosteel Group Corporation Ltd.

Lead partner Yong Bai said, "This transaction is a landmark for the steel sector, a key industry for China's economy. It builds upon our track record of regularly advising on big-ticket restructuring and mergers in strategically important industries, and firmly establishes the multi-jurisdictional capabilities of our antitrust and competition practice and deep knowledge of the Chinese market."

Yong led the cross-border Clifford Chance team and was supported by consultant Dayu Man in Hong Kong, associate Shuai Gao, and trainees Xingzhi Liu and Ziwen Wang in Beijing.

The complex transaction also involved lawyers from the firm's global network, as well as local counsel from multiple jurisdictions, including:

Partner Mark Currell and senior associate Alexander Duffy in Sydney;
Counsel Masafumi Shikakura and associate Machiko Ishii in Tokyo;
Partners Dimitri Slobodenjuk and Torsten Syrbe, senior associates Hendrik Kühn, Julius Schradin and Olga Mizikova, and lawyer Herman Chekin in Düsseldorf;
Partner Itır Çiftçi, senior associate Sabri Kaya, and associate Orhun Koray Özbek from Clifford Chance's associate firm CIFTCI Attorney Partnership in Istanbul.

The Greater China antitrust team also advised on the global merger control and foreign investment control filings for other sizable transactions between Chinese state-owned enterprises (SOEs), including the strategic restructuring of China XD Group and related subsidiaries of State Grid Corporation, the merger between Sinochem and ChemChina, and China State Shipbuilding Corporation Limited's merger with China Shipbuilding Industry Corporation.

China Baowu Steel Group, a state-owned iron and steel company headquartered in Shanghai, is the largest iron and steel company globally. Sinosteel is a state-owned enterprise engaged in developing and processing of metallurgical mineral resources, trading and logistics of metallurgical raw materials and products, and related engineering technical service and equipment manufacture.

高伟绅就中国宝武钢铁集团与中钢集团重组项目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为中国宝武钢铁集团有限公司与中国中钢集团有限公司实施重组，中国中钢集团整体划入中国宝武钢铁集团涉及的境外反垄断及外商投资申报提供法律服务。
本项目的牵头合伙人柏勇表示：该交易是在中国钢铁行业具有里程碑意义的一项重大交易。它展现了本所在完成战略行业大型重组和并购交易方面的深厚业绩，也巩固了我们在跨境反垄断和竞争业务领域的实力。
本交易的跨国法律服务团队由大中华区反垄断业务主管合伙人柏勇领导，由香港办公室的满大宇和北京办公室高帅、刘行止及王资文提供主要支持。

此外，来自高伟绅全球多个办公室的反垄断和外商投资团队以及多个国家的当地律师团队亦参与了本项目，包括：

悉尼办公室合伙人Mark Currell和高级律师Alexander Duffy；
东京办公室资深顾问律师Masafumi Shikakura和律师Machiko Ishii；
杜塞尔多夫办公室合伙人Dimitri Slobodenjuk和Torsten Syrbe，高级律师Hendrik Kühn、Julius Schradin和Olga Mizikova，及律师Herman Chekin；
位于伊斯坦布尔的高伟绅联营律师事务所CIFTCI Attorney Partnership的合伙人Itır Çiftçi、高级律师Sabri Kaya和律师Orhun Koray Özbek。

高伟绅大中华区反垄断团队此前还曾就多个涉及重大央企重组的交易为央企客户提供境外反垄断和外商投资申报相关的法律服务，包括中国西电集团与国家电网部分企业实施战略重组的交易、中化集团与中国化工集团的合并交易、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等。

中国宝武钢铁集团有限公司总部设于上海，是全球最大的钢铁公司。中钢集团是一家大型中国国有企业，主要从事冶金矿产资源开发与加工，冶金原料及产品的贸易与物流以及相关工程技术服务与设备制造。