China is flexing its growing power over global deals, after it put the kibosh on a shipping alliance that officials here said would hold too much sway over trade lanes to Europe.
Tuesday’s decision by China’s Ministry of Commerce came despite approvals for the shipping alliance in Europe and the U.S. It marks only the second time the Chinese regulator has stepped in to block a corporate combination since the country enacted its antitrust law in 2008.
Other Chinese agencies have also stepped in to set conditions on deals, including when no Chinese company was directly involved. They include the merger that formed mining giant Glencore Xstrata PLC as well as separate deals by Microsoft Corp. and Google Inc. to acquire mobile device makers.
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