The regulatory filings involved complex and detailed market and competition analyses across multiple jurisdictions. The reviews required close collaboration with industry experts and economists, as well as careful consideration of both competition and non‑competition factors, including the assessment of novel theories of harm. The antitrust teams across Clifford Chance and Shanghai He Ping Law Firm provided effective, sophisticated and seamless support throughout the process, helping LB Group manage its regulatory strategy, navigate extensive engagement with competition authorities, and progress the reviews to timely clearance.
Lead partner Yong Bai said, “We are delighted to have assisted the client in navigating a complex regulatory environment to complete this important transaction. This sends a strong and timely positive signal for Chinese companies pursuing investment opportunities in Europe.”
The core team includes counsel Xiang Li+ in Shanghai and associate Ziwen Wang in Beijing. The cross-jurisdiction transaction also involved many other Clifford Chance offices and local counsel, including:
- Beijing: Michael Yan and Yiyang Wang;
- London: Jennifer Storey, Michael Rueter, Greg Hayes, Eloise Robson, Rob Fitzgerald-Crisp, Cecilla Moore, Charlie McCann and Aishwarya Vydianathan;
- Brussels: Anastasios Tomtsis;
- Dusseldorf: Dimitri Slobodenjuk and Simon Wattenberg;
- Paris: Katrin Schallenberg, Lina Kefi, Hendrik Coppoolse and Myriam Mally;
- Warsaw: Iwona Terlecka, Marie Terrillon, Aleksandra Mielcarek, Krzysztof Rot and Slawomir Nawrocki;
- Madrid: Miguel Odriozola, Begoña Barrantes, Diego Doménech and Daniel Hernández;
- Riyadh: Majid Alsheikh, Sultana Aljomaih and Bader Alasmi (A&SH Clifford Chance);
- Istanbul: Itır Çiftçi, Ekin Öner, Goktug Polat and Zeki Ozturk (CE Partners in association with Clifford Chance);
- Dubai: Sabra Ferhat;
- Casablanca: Salma Chaouni.
Compass Lexecon acted as the economist on the transaction.
LB Group is a leading manufacturer of high‑performance TiO₂ pigments. With more than 35 years of experience in TiO₂ pigment manufacturing, LB Group produces a broad range of pigments for all major applications using both the sulfate and chloride processes.
The acquisition includes assets relating to the TiO₂ business held by Venator UK, a subsidiary of Venator Materials PLC, including real estate, machinery, spare parts, business records, intellectual property, inventory and other related assets.
* Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.
