Leading international law firm Clifford Chance has advised China Baowu Steel Group Corporation Limited on the multi-jurisdictional merger control filings for its acquisition of a 51% stake in Xinyu Iron & Steel Group Co., Ltd. (XISCO). The value of the transfer is approximately RMB 4.255 billion.
Lead partner Yong Bai said, “We are delighted to support China Baowu on its latest strategic investment, once again demonstrating our China antitrust team’s market-leading expertise and strong track record acting on headline transactions in key sectors of the economy.”
Partner Yong Bai led the cross-border team and was supported by counsel Dayu Man and trainee Xingzhi Liu in Beijing. Partner Itır Çiftçi and associate Berk Kıspet from Clifford Chance’s associate firm CIFTCI Attorney Partnership in Istanbul provided advice on Turkish law.
The firm had previously advised China Baowu on the antitrust aspects of its acquisition of a 51% stake in Taiyuan Iron & Steel and China Baowu’s obtaining of control of Maanshan Iron & Steel Company Limited through its majority acquisition of Magang Group.
China Baowu Steel Group, a state-owned iron and steel company headquartered in Shanghai, is the largest iron and steel company globally. XISCO Group is the largest state-owned steelmaker in Jiangxi Province of China with a crude steel output of 9.38 million tonnes in 2020.