China has given notice that it will not tolerate abuse of monopoly power, in industry if not in politics. Since it enacted an anti-trust law last August, the Ministry of Commerce has made three important rulings. In the latest, it imposed restrictions on the $1.6bn takeover by Japan's Mitsubishi Rayon of the UK's Lucite International, forcing the latter to sell half of its production of one polymer at cost. In March, it rejected Coca-Cola's planned $2.4bn takeover of Huiyuan, a Chinese juicemaker, in a ruling that surprised many lawyers. Before that, it had imposed restrictions on InBev's $52bn acquisition of Anheuser-Busch even though, like Mitsubishi/Lucite, it was a global transaction with only secondary implications for China.
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