On April 22, 2013, the Ministry of Commerce
("MOFCOM") cleared the proposed
acquisition of Gavilon Holdings, LLC
("Gavilon") by Marubeni Corp
("Marubeni") (the
"Transaction") with conditions. This is the second case
conditionally cleared by MOFCOM in April, coming just days after
the conditional clearance of Glencore/Xstrata. To obtain the
clearance, Marubeni shall keep separate and independent China
soybean import and distribution businesses between Marubeni's
and Gavilon's.
Review Timeline
The conditional clearance was issued by MOFCOM almost 11 months
after Marubeni's first submission of the notification.
According to MOFCOM's announcement, the first submission was
made on June 19, 2012, and officially accepted on July 31. MOFCOM
raised its concerns in Phase II and decided to open extended Phase
II, expiring on January 27, 2013, upon the filing parties'
consent. During this period, the parties submitted remedy
proposals, which were found as insufficient for
