The Ministry Of Commerce Granted Conditional Approval To Penelope'S Acquisition Of His Textile Machinery.
In early November this year,
Ministry of Commerce
Announcement No. seventy-third 2011, conditional approval
Penelope
Acquisition of limited liability company
Villa
Textile machinery Limited by Share Ltd.
The announcement said that the acquisition of Fang Penelope was a tool company established specifically for the paction.
Penelope's wholly owned controlling shareholder Alpha Private Equity Fund V (hereinafter referred to as Alpha V) is a private equity fund holding 27.9% of the UST's technology Limited (hereinafter referred to as Ulster), which is the largest shareholder of Ulster.
The company is a textile machinery manufacturer, mainly producing automatic winder, automatic winding machine, electronic yarn clearer, rotor spinning machine and twister.
The company is a wholly owned subsidiary of vivio.
Uster and Luo Fei are two of the world's only electronic winder for automatic winding machines.
Manufacturer
In 2010, the share in the global market was 52.3% and 47.7% respectively, and the share in the Chinese market was similar.
The Ministry of commerce undertook a review of the concentration of business operators in accordance with the twenty-seventh provisions of the anti-monopoly law, and analyzed the influence of this concentration of operators on market competition.
In view of this, the Ministry of Commerce decided to approve the acquisition with restrictive conditions, and demanded that A PEF 5, the ultimate controlling entity of Alpha V, fulfil its obligations as follows: the examination decided to pfer the shares held by Uster to the independent third party within 6 months; report to the Ministry of Commerce the identity, trading volume and trading date of the pferee, and ensure that the pfer of Uster's shares will not generate new exclusion or restrictions on competition; the pfer of Uster's shares will not be allowed to take part in or affect the operation of Uster before it is completed; and the independent supervision trustee shall be entrusted to supervise the pfer of shares according to the Interim Provisions of the Ministry of Commerce on the implementation of the divestiture of concentrated assets or businesses.
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