DEALS
Zhong Lun Advises on Anti-Monopoly Clearance for Business Combine between Nippon Steel and Sumitomo Metal
Zhong Lun Advises on Anti-Monopoly Clearance for Business Combine between Nippon Steel and Sumitomo Metal
On March 16, 2012, the Ministry of Commerce issued a notice to unconditionally approve the business combine between Nippon Steel Corporation and Sumitomo Metal Industries.
Nippon Steel and Sumitomo Metal are ranked the first and the third respectively in the crude steel output in Japan. The two companies began with the negotiation for merger in February 2011 and entered into a contract on September 22, 2011, with a plan to close the deal on October 1, 2012 upon the approvals from the antitrust authorities of relevant countries. Upon completion of the merger, the combined company will become the second largest iron and steel enterprise in the world.
Entrusted by Sumitomo Metal in April 2011, Zhong Lun Law Firm provided comprehensive legal services for the anti-trust file in respect of the deal. The service team was led by partner Wu Peng and also composed of Ma Bing, Zhang Yuanming, Yang Enpeng, Zhang Xiaolu, Zhang Fangwei Wan Junjian and Li Shuozhao.
As this deal involved some important industries and many types of products, the MOC paid great attention and conducted intensive investigations. Upon the acceptance of the entrustment, the Zhong Lun team actively prepared documents and effectively cooperated with relevant authorities in their investigations, which finally helped the client obtain the unconditional approval from the MOC within the expected time. Accordingly, Zhong Lun was highly praised by the client. Meanwhile, the Zhong Lun team accumulated valuable experience in such big international mergers and acquisitions.
