Drs. Deng and Leonard Consulted for MOFCOM on the UPS-TNT Merger
WASHINGTON, DC –Dr. Fei Deng and Dr. Gregory K. Leonard, both partners at Edgeworth Economics, were retained by the Chinese antitrust agency in charge of merger control—the Anti-Monopoly Bureau of the Ministry of Commerce (MOFCOM) — as outside experts in MOFCOM’s review of the proposed UPS/TNT Express merger earlier this year.
In March 2012, UPS and TNT Express announced their agreement on a €5.16 billion ($6.77 billion) takeover deal. The merger was subjected to extended review by both MOFCOM and the European Commission. The merging parties withdrew the case in January 2013 before MOFCOM issued its decision.
“It was a great experience working closely with the MOFCOM case team,” said Dr. Fei Deng. “You get an inside view into MOFCOM’s thinking and a better understanding of how their review and decision process works.”
“It is very encouraging to us as economists that MOFCOM has been taking steps in applying economic analysis in its merger review,” said Dr. Leonard. “I believe that economic analysis will play an increasingly important role in merger reviews in China.”
This merger was the first time that MOFCOM has retained an outside expert from an international organization to work on a merger review case. Previously, Dr. Deng and Dr. Leonard assisted MOFCOM in a research project. Dr. Deng and Dr. Leonard have extensive experience advising companies in merger filings and other antitrust matters in China, the United States and the European Union.
Dr. Deng and Dr. Leonard have been active in promoting the application of economic analysis to competition matters in China. Since 2006, they have conducted seminars for the Chinese government antitrust agencies and courts, and provided advice and comments on proposed regulations and rules. Dr. Deng also served as a guest lecturer on competition economics at China’s Renmin University.
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