EU against Chinese State-owned enterprises by exposure to increase review | sea | EU regulators _ State-owned enterprises news

Before the headquarters of the European Union identifies flags for the EU. (Photo: Reuters)

　　Summary: a decision of the European Union sharply raise the threshold for Chinese State-owned enterprises to buy European assets, or influenced the chemical with $ 43 billion takeover of Switzerland agrochemical company Syngenta deals. The deal is China's biggest foreign acquisition so far.

　　Reference news June 14 British media said, in the European Commission for a recent rule plans to buy European assets of State-owned enterprises in China, the move is of great significance, such acquisition will face more regulatory scrutiny in the future.

Reuters reported on June 13, France EDF (EDF) and China Guangdong nuclear power Group (CGN) applications to set up a joint venture company, has sole discretion over EU antitrust issues found after the approval of the European Commission, CGN central agency with the management of State-owned enterprises in China--are not independent relationship between State-owned assets supervision and Administration Commission of the State Council. The EU believes that the Executive Committee has the right to decide whether the deal would be released.

Reportedly, this means that the Commission can consider whether to decide to trade upon the passage, not only to see CGN revenue for itself, but also depends on the sum of all revenues of China's State-run energy company.

In this way, turnover of CGN is automatically above the size threshold of EU merger review, for those who might be considering buying assets in Europe, it saw no need for the regulatory approval of China's State-owned enterprises struck a warning.

Reports, usually in mergers in the EU, only mergers and acquisitions revenue of more than € 250 million (US $ 281 million), total global revenue of more than $ 5 billion at the same time, the European Commission will be to review the merger.

If CGN's revenues did not exceed the threshold of 250 million euros, but if State-owned energy companies in China as a whole, certainly higher than this standard.

Although the ruling announced in April, almost no one paid attention to the details, but for Chinese enterprises and its takeover target law firms have issued a warning to the customer in the past few weeks. They said this decision could put Chinese State-owned enterprises in Europe, how big is the business, you need to apply the EU's merger review in order for the transaction to add obstacles to, or at least delaying the acquisition of Chinese State-owned enterprises.

　　Of takeovers in Europe and raised political concerns over

Reported that the incident was because Chinese companies--most of which are State-owned enterprises, in the acquisition of more than $ 200 billion in foreign assets in the past 18 months, in Europe and the United States caused some political concerns.

France and Germany politicians worried about the rapid advance of Chinese companies in Europe, France President Francois hollande against Shanghai Jin Jiang group holding France hotel group Accor (Accor) acquisition.

European Commission approved in March the CGN-EDF joint-venture plan, but waves are comprehensive analysis report released in April, the report explains why the European Commission approved the deal.

Reported that the CGN's case marked the first time the European Commission stated that the Chinese Government controls everywhere, all State-owned enterprises in one industry should be viewed as a single entity.

"The CGN's decision shows that, for the Chinese State-owned enterprises to participate in trade of the European Commission's intention to review," Hogan Lovells Beijing partner Adrian Emch said.

CGN does not reply to a Reuters request for comment, the company said in documents submitted to the European Commission its independent operation. The State-owned assets supervision and Administration Commission of the State Council did not reply to requests for comment by Reuters.

Reports said some European and United States policy makers China's largest foreign acquisition pose a national security risk, prompting United States foreign investment Review Committee (CFIUS) review, and in some cases limit trading.

According to Thomson Reuters data, in the past 18 months the foreign acquisition of domestic firms at least 50% involves State-owned wholly or part of the holding company.

　　Approval process is likely to become more complicated

According to a source familiar with the matter said the European Union, the European Commission's decision does not set a new precedent, but more clearly reflect the Executive Committee for the idea of the background of these State-owned Chinese enterprises. "This likely to be the basis for such acquisitions in the future," the sources said.

Lawyers say, their recommendations to the Chinese State-owned clients now is, even if those customers that transaction does not meet the EU's merger review threshold or communicating with the European Commission, especially if these enterprises operating in China's energy sector.

Reports, if not submitted applications to obtain a license to trade, is likely to incur a huge fine. For example, in 2014, the European Commission asked Norway salmon farming company Marine Harvest out 20 million euros in fines, the company merged with competitor without EU approval.

"This is definitely a example of such a case in the future," Freshfields China's anti-monopoly law was responsible for the head of one of Nicholas French says, "if it is in State-owned enterprises in the energy sector, they must come up with concrete evidence to refute the Commission's analysis. ”

Reports for those applying for assessment of mergers and acquisitions business, the approval process may become more complicated, the European Union will be asked to provide additional information, acquisition of assets of State-owned enterprises in Europe that its holding company structure. Due to China's State secrets laws are very strict, to do so may be difficult.

Attitude in the European Union or indeed affect China chemical with $ 43 billion takeover of Switzerland agrochemical company Syngenta (Syngenta) transactions. The deal is China's biggest foreign acquisition so far, lawyers say approval may take longer, and may need to provide additional information.

"Review of level may increase. If a large number of State-owned enterprises are required to provide specific information, then the merger application to the EU could be more difficult, "United Kingdom think tank Institute for Statecraft, Professor Alan Riley said.

"Think about the Chinese chemical industry, the company is likely to face the demanding requirements of the Board, the Board may want to provide them with at least one other biological and agricultural information associated with State-owned enterprises, they can only hope there is not a lot of overlap. ”

Source: references

Responsible editor: Liu Debin SN222

Article keywords:
State-owned enterprises out of the EU regulation

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欧盟被曝将针对中国国企提高审查标准|国企出海|欧盟监管_新闻资讯

图为欧盟总部前的欧盟标识旗。（图片来源：路透社）

　　核心提示：欧盟一项裁决大幅抬高中国国有企业收购欧洲资产门槛，或影响到中国化工以430亿美元收购瑞士农化企业先正达的交易。该交易是中国迄今最大一笔对外收购。

　　参考消息网6月14日报道 英媒称，欧盟执委会针对近期一项中国国有企业收购欧洲资产的计划作出裁决，此举意义重大，今后这类收购行动将面临更多监管审查。

　　据 路透社6月13日报道，法国电力集团(EDF)与中国广核集团有限公司(CGN)申请成立合资公司，对欧盟反垄断问题拥有唯一裁量权的欧盟执委会审核后认 定，CGN与中国管理国营企业的中央机构——国务院国有资产监督管理委员会之间并非独立关系。因此欧盟认为，执委会有权决定这宗交易能否被放行。

　　报道称，这意味着执委会在考虑是否由其来决定交易能否获得通过时，不仅要看CGN本身的营收，还要看所有中国国营能源企业的营收总和。

　　这样一来，CGN的营业额也就自动高于欧盟并购审查的规模门槛，给那些可能考虑在欧洲购买资产，却认为不需要由监管部门批准的中国国有企业敲了一记警钟。

　　报道称，通常在欧盟的并购案，只有并购一方营收超过2.5亿欧元(2.81亿美元)，同时全球合计营收超过50亿美元时，欧盟执委会才会对并购案进行审查。

　　若单看CGN的营收，并没有超过2.5亿欧元的门槛，但如果把中国国有能源企业当成一个总体来看，当然就高于这个标准。

　　虽 然这项裁定在4月公布时几乎没人注意到细节，但为中国企业及其收购目标提供服务的律师事务所已在过去几周向客户发出了警告。他们称，这项决定可能让中国国 有企业无论在欧洲的业务规模有多大，都需要申请欧盟的并购审查，从而为交易增添障碍，至少是推迟了中国国有企业提出的收购计划。

　　中资收购引发欧美政治担忧

　　报道称，事发是因为中资公司——其中多数是国企，在过去18个月内收购逾2000亿美元外国资产，在欧洲和美国引发一些政治担忧。

　　法国和德国政界人士对中资公司在欧洲的迅速推进表示担忧，法国总统奥朗德反对上海市控股的锦江集团对法国酒店集团雅高(Accor)的收购。

　　欧盟执委会3月批准了CGN-EDF的合资计划，但引发波澜的却是4月公布的全面分析报告，该报告说明了为什么欧盟执委会审核该交易。

　　报道称，CGN的案子标志着欧盟执委会首次公开表示，中国政府的控制无处不在，因此一个行业的所有国企应当作为一个实体看待。

　　“CGN案的决定表明，欧盟执委会对于中国国企参与交易的审查意向，”Hogan Lovells律师事务所驻北京的合伙人Adrian Emch表示。

　　CGN未回覆路透的置评请求，该公司在提交给欧盟执委会的文件中称其独立运营。国务院国有资产监督管理委员会未回覆路透的置评请求。

　　报道称，部分欧洲和美国决策者提出中国的对外收购带来国家安全风险，引发美国外资审议委员会(CFIUS)审查，在某些情况下限制了更多交易。

　　根据汤森路透数据，过去18个月中资公司至少50%的对外收购涉及到国有全资或部分控股企业。

　　审批过程可能变得更加繁琐

　　据欧盟一位知情消息人士称，欧盟执委会的上述决定并未树立新的先例，但更加清晰地反映出执委会对于这些中国企业国有背景的想法。“这十有八九会成为未来此类收购案的基本依据，”该消息人士称。

　　律师们表示，眼下他们向中国国企客户提出的建议是，即使这些客户认为交易未达到欧盟的并购审查门槛，也可以和欧盟执委会进行沟通，特别是如果这些企业在中国能源领域开展业务的话。

　　报道称，假如不提交申请获得许可就进行交易，有可能会招致巨额罚单。例如在2014年时，欧盟执委会就向挪威三文鱼养殖公司Marine Harvest开出了2000万欧元的罚单，因该公司未经欧盟审批就与竞争对手合并。

　　“这肯定是未来此类案例的前车之鉴，”Freshfields律所负责中国反垄断业务的负责人之一Nicholas French称，“如果是能源行业的国有企业，他们必须拿出具体的证据来驳倒执委会的分析。”

　　报道称，对于那些申请并购评估的企业，审批过程可能会变得更加繁琐，欧盟方面会要求提供额外信息，让在欧洲收购资产的国有企业说明其公司的控股架构情况。由于中国的国家保密法十分严格，要做到这一点可能很困难。

　　欧盟方面态度趋严或影响到中国化工以430亿美元收购瑞士农化企业先正达(Syngenta)的交易。该交易是中国迄今最大一笔对外收购，律师称审批可能需要更长时间，并可能需要提供额外信息。

　　“审查级别可能会提高。假如大量的国有企业都要提供具体的企业信息，则向欧盟提出并购申请可能会更加棘手，”英国智库Institute for Statecraft的教授Alan Riley称。

　　“想一想中国化工，这家企业很有可能面临执委会的苛刻要求，执委会可能会要他们提供至少与其他生物和农业类国有企业的关联信息，他们只能希望不要出现很多业务重叠的情况。”

　　来源：参考消息

责任编辑：刘德宾 SN222

文章关键词：
国企出海 欧盟监管

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