Magang's 51% share transfer passes antitrust scrutiny of Germany and South Korea
2019-07-31 17:15:37 [Print]
Assets Supervision and Administration Commission of Anhui will transfer 51% shares of Magang (Group) Holding Co., Ltd. to China Baowu Steel Corporation Limited (China Baowu) for free. On late 30 July, 2019, Masteel Group announced the case passed antitrust scrutiny of Germany and South Korea.
China Baowu submitted the share transfer notice to Federal Cartel Office in Germany on 5 July which issued approval letter on 29 July and affirmed the transfer.
China Baowu also submitted the share transfer notice to Korea Fair Trade Commission (KFTC) on 8 July which issued approval letter on 26 July. KFTC affirmed that the transfer doesn't infringe the regulation under the Law on Anti-monopoly and First Trade; but if there is any significant change on the previous notice, China Baowu should report it to KFTC immediately.
China Baowu submitted the share transfer notice to Federal Cartel Office in Germany on 5 July which issued approval letter on 29 July and affirmed the transfer.
China Baowu also submitted the share transfer notice to Korea Fair Trade Commission (KFTC) on 8 July which issued approval letter on 26 July. KFTC affirmed that the transfer doesn't infringe the regulation under the Law on Anti-monopoly and First Trade; but if there is any significant change on the previous notice, China Baowu should report it to KFTC immediately.
