As Chinese regulators review global deals, Beijing is increasingly taking national interest and industrial policy into account rather than considering the deals strictly on antitrust grounds, a shift highlighted by the far-reaching conditions placed on Glencore’s $64bn takeover of Xstrata.
Lawyers say that change of focus sets the stage for more aggressive rulings from Beijing, particularly in the resources sector.
China’s Antimonopoly Bureau of the Ministry of Commerce is one of the world’s youngest and least understood regulators, and the ruling on the Glencore-Xstrata deal – conditions for which run to some 15 pages – represents its most detailed to date.
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