China Merger Control — Progress And Prognostications

According to the Chinese zodiac, 2011 was the year of the rabbit—symbolizing the ascendancy of principles such as caution and diplomacy. After the Chinese New Year in late January 2012, a markedly different period commenced: the Year of the Dragon. This period is traditionally defined by ambition and accomplishment. For those inclined to look for such alignments, it is all too easy to reconcile developments under the Anti-Monopoly Law (AML) in 2011 with the traits that the Chinese horoscope ascribes to the year. By the third anniversary of the AML's commencement in August 2011, all notified deals addressed up to that point in the year had been cleared unconditionally. Perhaps the most notable AML-related development during the preceding months was the signing of a memorandum of understanding (MOU) between antitrust authorities in China and the United States. Diplomacy and caution did indeed appear to be the order of the day. As if gathering force in preparation for the