China is forcing Panasonic to sell off assets in Japan to secure approval for its acquisition of Sanyo Electric, the first time Chinese competition authorities have compelled disposals outside of the country in a monopoly review.
The landmark ruling by China's commerce ministry clears the way for Panasonic to press ahead today with its long-delayed Y805bn ($9.4bn) tender offer to acquire Sanyo Electric, another Japanese company, and create a global battery power house.
The ruling, based on Chinese anti-trust laws introduced in August, 2008, underlines the growing power of Beijing's competition authorities and the rising sway its huge market is giving it in global regulation.
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