The introduction of a new procedure in April for “simple cases” of mergers and acquisitions has almost halved the time it takes to get approval from China’s Ministry of Commerce (MOFCOM), Reuters reported, citing a data set published this month by the regulator which tracks both transaction filing and approval dates. MOFCOM is making it easier for companies to plan and execute acquisitions, which is reducing legal costs by up to 40% to about US$80,000 on average for simple cases, lawyers said. The regulator took an average of 26 calendar days to approve deals filed under the new procedure according to analysis by law firm Norton Rose Fullbright.
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