Partial Acquisitions: Recent MOFCOM Action Suggests Possible Divergence With U.S. Standards

Paul Cuomo, Charles Malaise, Changrong Xu, Jan 10, 2012

Long ago, the U.S. Supreme Court confirmed that partial acquisitions are subject to the Clayton Act’s prohibition against transactions that may substantially lessen competition. Since that time, the Department of Justice and Federal Trade Commission have challenged many partial acquisitions (as have private plaintiffs-typically firms attempting to fend off hostile tender offers). And, after years of explaining their views in consent d