Clifford Chance assisted China Baowu Group with global antitrust and FDI filings for Sinosteel Group acquisition
China Baowu Steel Group Corporation Limited, the world's largest steel producer, has received legal advice from Clifford
Clifford Chance assisted China Baowu Group with global antitrust and FDI filings for Sinosteel Group acquisition
China Baowu Steel Group Corporation Limited, the world's largest steel producer, has received legal advice from Clifford Chance on the global merger control and foreign investment filings for its acquisition of 100 per cent interest of Sinosteel Group Corporation Ltd, a leading Chinese metallurgical enterprise.
Yong Bai, the lead partner at the international law firm, described this transaction as a significant milestone for the steel sector, which is a crucial industry for the Chinese 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 Bai said.
Leading the cross-border team at Clifford Chance, Yong was assisted by consultant Dayu Man in Hong Kong, as well as associate Shuai Gao and trainees Xingzhi Liu and Ziwen Wang in Beijing.
The intricate transaction also involved legal professionals from the firm's global network and local counsel from various jurisdictions. These included 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, as well as partner Itır Çiftçi, senior associate Sabri Kaya, and associate Orhun Koray Özbek from Clifford Chance's associate firm CIFTCI Attorney Partnership in Istanbul.
In addition, the Greater China antitrust team provided advice on global merger control and foreign investment control filings for other significant transactions involving Chinese state-owned enterprises (SOEs). These included the strategic restructuring of China XD Group and its subsidiaries of State Grid Corporation, the merger between Sinochem and ChemChina, and the merger of China State Shipbuilding Corporation Limited with China Shipbuilding Industry Corporation.
Headquartered in Shanghai, China Baowu Steel Group is the world's largest iron and steel company and is owned by the Chinese government. Sinosteel is also a state-owned enterprise that specialises in the development and processing of metallurgical mineral resources, as well as trading and logistics of metallurgical raw materials and products. They also provide engineering technical services and manufacture related equipment.