Global law firm Clifford Chance has advised the world’s largest steel producer China Baowu Steel Group Corporation Limited on the global merger control filings for its acquisition of equity interest in Shandong Iron & Steel Group Co., Ltd.
Lead partner Yong Bai said, “We are deeply grateful for the trust placed in us by China Baowu Steel. This complex transaction required a deep understanding of global merger control rules and our team demonstrated exceptional expertise and collaboration, which were instrumental in the successful completion of this transaction. We look forward to continuing our work with China Baowu Steel and contributing to their ongoing success.”
Yong was supported by counsel Dayu Man in Hong Kong, associate Nan Lan in Shanghai, and associate Shuai Gao in Beijing. Partners Marc Besen and Dimitri Slobodenjuk, and senior associate Arne Gayk in DĂĽsseldorf provided advice on the German merger control rules. The complex transaction also involved local counsel from multiple jurisdictions.
China Baowu Steel Group, a state-owned iron and steel company headquartered in Shanghai, is the largest iron and steel company globally. SD Steel is a state-owned enterprise headquartered in Jinan, Shandong Province, and majority owned by the State-owned Assets Supervision and Administration Commission of Shandong Provincial People’s Government. It mainly engages in the manufacturing and distribution of steel products.
The Greater China antitrust team is a leading legal adviser of Chinese state-owned enterprises on global merger control and foreign investment control matters, having advised on China National Tire & Rubber Corporation. Ltd.’s renewal shareholders’ agreement concerning the governance of Pirelli & C. S.p.A., China Baowu Group’s restructuring of Sinosteel Group, the strategic restructuring of China XD Group and related subsidiaries of State Grid Corporation, the merger between Sinochem and ChemChinaand China State Shipbuilding Corporation Limited’s merger with China Shipbuilding Industry Corporation.
