JT&N represents Cargotec in obtaining the SAMR’s conditional antitrust approval of Cargotec’s acquisition of businesses of TTS Group ASA
Recently, the Anti-monopoly Bureau of the State Administration for Market Regulation of the People’s Republic of China (hereinafter “the SAMR”) conditionally approved the acquisition of businesses of TTS Group ASA（hereinafter “TTS”）by Cargotec Oyj (hereinafter “Cargotec”). As the external legal counsel for the notifying party Cargotec, JINCHENG TONGDA & NEAL law firm (hereinafter “JT&N”) provided legal service for Cargotec for the antitrust merger filing of this deal.
Since Cargotec announced the decision to acquire the offshore and marine businesses of TTS in February 2018, this deal has been under antitrust reviews by multiple jurisdictions around the world. Since the initial filing of this deal with China competition authority in June 2018, JT&N has been effectively communicating with the notifying party and the competition authority. In the course of the merger filing, JT&N cooperated with the notifying party, carrying out several rounds of consultations and discussions with the competition authority regarding the definition of the relevant markets and competition analysis, etc., based on its extensive experiences and thorough understanding of and studies on the relevant industry, market structure and the parties to the transaction. What’s more, when the authority raised competition concerns for this deal, JT&N assisted the notifying party in drafting and designing a feasible remedy proposal with a view to relieving and addressing the authority’s concerns. Eventually, the remedy proposal was accepted by the SAMR and as a result this deal was successfully cleared by the SAMR with conditions. The successful completion of this concentration of multinational undertakings demonstrates JT&N’s expertise in antitrust practice, excellent team communication skills and rich experiences in handling complex situations.
The notifying party Cargotec was founded in Finland in 2005 and was listed on the Helsinki Stock Exchange. The deal mainly involves its subsidiary MacGregor which engages primarily in marine transportation, marine cargo handling solutions and services. The target businesses of this deal are the offshore and marine businesses of TTS. TTS was founded in Norway in 1974 and was listed on the Oslo Stock Exchange. This deal is expected to create potential cost synergies for around EUR 25-30 million on annual level for the merged entity.
The attorneys for this antitrust filing project are Senior Partner YANG Chen, CounselQIAN Xiaoqiang, Associate ZANG Jianwei and Associate YANG Yang.