On 5 July 2010, the Ministry of Commerce (MOFCOM) enacted
regulations which set out the rules and procedures to do with
divesting assets. These regulations are entitled "Interim
Regulations on Implementing the Divestiture of Assets or Businesses
in Concentration of Business Operators" (divestiture
regulations). A copy of the divestiture regulations are
located
here.
The following are some salient features of these recently
enacted divestiture regulations:
- the objective of the regulations are to ensure that any
divestiture or assets or business pursuant to the merger control
regime is conducted smoothly (Article1);
- business operators who are required to divest assets pursuant
to the merger control regime (known as "divestiture
obligors") would have to divest their assets within a time
limit stipulated within a merger control decision by MOFCOM
(including finding a purchaser and enter into the relevant sales
agreements) (Article 3);
