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Introduction: Following Sinochem Group's successful control of Luxi Group in December last year, the "hand in hand" between the two parties has made further progress
.
Introduction: Following Sinochem Group's successful control of Luxi Group in December last year, the "hand in hand" between the two parties has made further progress
.
On December 20, 2019, the State-owned Assets Supervision and Administration Commission of the People's Government of Liaocheng City, Shandong Province (hereinafter referred to as "Liaocheng State-owned Assets Supervision and Administration Commission") and Sinochem Investment (Liaocheng) Co.
, Ltd.
(hereinafter referred to as "Sinochem Liaocheng") signed the "Equity Plan".
Transfer Agreement, stipulating that Liaocheng State-owned Assets Supervision and Administration Commission will transfer its 6.
01% equity in Luxi Group Co.
, Ltd.
(hereinafter referred to as "Luxi Group") to Sinochem Liaocheng for free (hereinafter referred to as "this transfer")
.
Luxi Group is the direct controlling shareholder of the Company
.
After the completion of this equity change, the property rights control relationship diagram of Luxi Chemical
The direct controlling shareholder of the company remains unchanged and is still Luxi Group
.
Regarding the Chinese anti-monopoly review involved in this transfer, Sinochem Investment received the "Decision on No Further Review of the Anti-monopoly Review on Concentration of Business Operators" issued by the State Administration for Market Regulation on March 19, 2020 (Anti-Monopoly Review Decision).
[2020] No.
103), the State Administration for Market Regulation decided not to conduct further review on the case of Sinochem Investment’s acquisition of Luxi Group’s equity, which involved other matters other than the anti-monopoly review on concentration of business operators in accordance with relevant laws
.
Regarding the Korean anti-monopoly review involved in this transfer, Sinochem Liaocheng has recently received an approval from the Korea Fair Trade Commission.
Article 7, paragraph 1, of the Law on Transactions
.
The transfer still needs to obtain approval from the State-owned Assets Supervision and Administration Commission of the State Council and pass the anti-monopoly approval procedures required by other applicable overseas jurisdictions
.
The company will perform the relevant procedures for exempting the tender offer in accordance with relevant regulations
.
It is reported that after Luxi Chemical "marries" into Sinochem Group, the two parties will also support Luxi Group in building a world-class new chemical material industrial park by expanding investment and industrial chain synergy, and promote Luxi Group's development in new chemical industry.
The field of materials has been upgraded from domestic first-class to international first-class
.
According to public data, in 2019, Luxi Group's revenue reached 41 billion yuan, and Sinochem Group's revenue was 586.
3 billion yuan, with a total of more than 620 billion yuan
.
According to the regulations, after the combination of the two parties, there will be a concentration of operators in the chemical industry at home and abroad, and they will also need to pass the anti-monopoly review of the world's major competitors
.
This time through South Korea's anti-monopoly review, the success of mergers and acquisitions has greatly increased
.
