Posted: April 28th, 2009, 1:50 am
APRIL 28, 2009
<span style='font-family:Geneva'><span style='font-size:14pt;line-height:100%'>China Puts Conditions on Plastics Deal </span></span>
By AARON BACK and J.R. WU
BEIJING -- China again displayed its growing regulatory clout in global mergers as its Commerce Ministry imposed conditions on plastics company Mitsubishi Rayon Co.'s acquisition of U.K.-based Lucite International Group Ltd.
Japan-based Mitsubishi Rayon said Monday it expects to complete the $1.6 billion purchase around the end of next month, now that it has received clearance from antitrust authorities in all countries affected by the deal.
China's Commerce Ministry on Friday said the deal raised antitrust concerns because the combined company would have a 64% market share in China for methylmethacrylate, a compound known as MMA that is used in the production of plastics.
Under the ministry's terms, Lucite International will spin off half of its production capacity in China within five years and will have to sell MMA at cost to a third party in China. The ministry for five years barred Mitsubishi Rayon from acquiring any Chinese producer of MMA or related products, or from building new factories in China to make such products.
The decision was the third major transaction involving foreign companies to go through the Commerce Ministry since China's new Antimonopoly Law came into effect last year. Because so many companies now have operations in China, it has become one of the major global antitrust regulators -- along with the U.S., Europe and Japan -- that companies have to clear for international merger deals.
The Commerce Ministry in November approved Belgian-Brazilian beer giant InBev NV's acquisition of Anheuser-Busch Cos. but put restrictions on the combined firm's investments in China.
In March the Ministry rejected the proposed purchase of Huiyuan Juice Group Ltd. by Coca-Cola Co. The Coke ruling was criticized for not being backed up with analysis of how the deal would affect the industry.
In a note Monday, U.S.-based law firm Orrick, Herrington & Sutcliffe LLP said the Lucite decision follows a similar "troubling pattern," because it doesn't give sufficient explanations or evidence to support its conclusion that the merger would have an effect on competition.
______________________________________
clout (power or the authority to influence other people's decisions)
原意为猛击，在此指政府施加的权力用以影响他人的决策
spin off (to make part of a company into a separate and partly independent company, or to become a separate company)
at cost (for the price of production <buys clothes at cost directly from the manufacturer>)
三菱丽阳株式会社对璐彩特国际的收购计划因涉及到中国经济安全，根据商务部相关法规，璐彩特必须将原有生产能力于五年内分拆，或以成本价出售给中国境内第三方
报道中列举了其它兼并收购案，包括百威英博啤酒收购案和可口可乐汇源收购案，并将之与璐彩特案进行对比，指出问题所在：该项收购受阻是因为未能提供兼并对竞争产生正面影响(have an effect on competition)的证据。
本篇报道应关注与部门限制企业行为有关的词汇与表达，并参照以下中文新闻报道
<a href='http://money.163.com/09/0424/17/57MB363S00252KFB.html' target='_blank'>网易财经：商务部有条件通过日本三菱丽阳收购璐彩特</a>
<a href='http://www.51pla.com/Html/NewsInfo/268/26856_1.htm' target='_blank'>全球塑胶网：中国阻挠日本三菱丽阳收购英国璐彩特</a>
<a href='http://news.hexun.com/2009-04-24/117054221.html' target='_blank'>和讯网：商务部批准日本三菱丽阳收购璐彩特</a>
<a href='http://www.chinanews.com.cn/cj/gncj/new ... 3241.shtml' target='_blank'>中新网：商务部附加条件批准日本三菱丽阳收购璐彩特公司</a>
<a href='http://report.stockstar.com/info/Dartic ... umnid=2921' target='_blank'>证券之星：商务部点头：日企有条件“娶”璐彩特</a>
<a href='http://cn.reuters.com/article/mergersNe ... 4620090424' target='_blank'>路透社：中国商务部有条件批准日本三菱丽阳收购璐彩特公司</a>
ref link
<a href='http://tw.money.yahoo.com/news_article/ ... 1_34_181fd' target='_blank'>http://tw.money.yahoo.com/news_article/ ... 4_181fd</a>
<a href='http://www.inbev.cn/' target='_blank'>http://www.inbev.cn/</a>
<a href='http://www.lucitechina.com/' target='_blank'>http://www.lucitechina.com/</a>
<a href='http://wiki.mbalib.com/wiki/Inbev' target='_blank'>http://wiki.mbalib.com/wiki/Inbev</a>
source: <a href='http://online.wsj.com/article/SB124085685934060183.html' target='_blank'>http://online.wsj.com/article/SB1240856 ... 83.html</a>
<span style='font-family:Geneva'><span style='font-size:14pt;line-height:100%'>China Puts Conditions on Plastics Deal </span></span>
By AARON BACK and J.R. WU
BEIJING -- China again displayed its growing regulatory clout in global mergers as its Commerce Ministry imposed conditions on plastics company Mitsubishi Rayon Co.'s acquisition of U.K.-based Lucite International Group Ltd.
Japan-based Mitsubishi Rayon said Monday it expects to complete the $1.6 billion purchase around the end of next month, now that it has received clearance from antitrust authorities in all countries affected by the deal.
China's Commerce Ministry on Friday said the deal raised antitrust concerns because the combined company would have a 64% market share in China for methylmethacrylate, a compound known as MMA that is used in the production of plastics.
Under the ministry's terms, Lucite International will spin off half of its production capacity in China within five years and will have to sell MMA at cost to a third party in China. The ministry for five years barred Mitsubishi Rayon from acquiring any Chinese producer of MMA or related products, or from building new factories in China to make such products.
The decision was the third major transaction involving foreign companies to go through the Commerce Ministry since China's new Antimonopoly Law came into effect last year. Because so many companies now have operations in China, it has become one of the major global antitrust regulators -- along with the U.S., Europe and Japan -- that companies have to clear for international merger deals.
The Commerce Ministry in November approved Belgian-Brazilian beer giant InBev NV's acquisition of Anheuser-Busch Cos. but put restrictions on the combined firm's investments in China.
In March the Ministry rejected the proposed purchase of Huiyuan Juice Group Ltd. by Coca-Cola Co. The Coke ruling was criticized for not being backed up with analysis of how the deal would affect the industry.
In a note Monday, U.S.-based law firm Orrick, Herrington & Sutcliffe LLP said the Lucite decision follows a similar "troubling pattern," because it doesn't give sufficient explanations or evidence to support its conclusion that the merger would have an effect on competition.
______________________________________
clout (power or the authority to influence other people's decisions)
原意为猛击，在此指政府施加的权力用以影响他人的决策
spin off (to make part of a company into a separate and partly independent company, or to become a separate company)
at cost (for the price of production <buys clothes at cost directly from the manufacturer>)
三菱丽阳株式会社对璐彩特国际的收购计划因涉及到中国经济安全，根据商务部相关法规，璐彩特必须将原有生产能力于五年内分拆，或以成本价出售给中国境内第三方
报道中列举了其它兼并收购案，包括百威英博啤酒收购案和可口可乐汇源收购案，并将之与璐彩特案进行对比，指出问题所在：该项收购受阻是因为未能提供兼并对竞争产生正面影响(have an effect on competition)的证据。
本篇报道应关注与部门限制企业行为有关的词汇与表达，并参照以下中文新闻报道
<a href='http://money.163.com/09/0424/17/57MB363S00252KFB.html' target='_blank'>网易财经：商务部有条件通过日本三菱丽阳收购璐彩特</a>
<a href='http://www.51pla.com/Html/NewsInfo/268/26856_1.htm' target='_blank'>全球塑胶网：中国阻挠日本三菱丽阳收购英国璐彩特</a>
<a href='http://news.hexun.com/2009-04-24/117054221.html' target='_blank'>和讯网：商务部批准日本三菱丽阳收购璐彩特</a>
<a href='http://www.chinanews.com.cn/cj/gncj/new ... 3241.shtml' target='_blank'>中新网：商务部附加条件批准日本三菱丽阳收购璐彩特公司</a>
<a href='http://report.stockstar.com/info/Dartic ... umnid=2921' target='_blank'>证券之星：商务部点头：日企有条件“娶”璐彩特</a>
<a href='http://cn.reuters.com/article/mergersNe ... 4620090424' target='_blank'>路透社：中国商务部有条件批准日本三菱丽阳收购璐彩特公司</a>
ref link
<a href='http://tw.money.yahoo.com/news_article/ ... 1_34_181fd' target='_blank'>http://tw.money.yahoo.com/news_article/ ... 4_181fd</a>
<a href='http://www.inbev.cn/' target='_blank'>http://www.inbev.cn/</a>
<a href='http://www.lucitechina.com/' target='_blank'>http://www.lucitechina.com/</a>
<a href='http://wiki.mbalib.com/wiki/Inbev' target='_blank'>http://wiki.mbalib.com/wiki/Inbev</a>
source: <a href='http://online.wsj.com/article/SB124085685934060183.html' target='_blank'>http://online.wsj.com/article/SB1240856 ... 83.html</a>