Kim & Chang represented Samsung Display Co., Ltd. (“SDC”) as global merger filing counsel in relation to the sale by SDC of its two LCD manufacturing entities based in Suzhou, China, to China Star Optoelectronics Technology Co., Ltd (“CSOT”), a subsidiary of the TCL Technology Group.  We successfully obtained clearance from all relevant jurisdictions, which were Korea, China, Turkey, Vietnam and Slovakia.

As both SDC and CSOT are global market leaders that are highly active in the LCD-panel manufacturing and sales markets, competition authorities were expected to conduct a highly intensive review of the proposed transaction.

As global merger filing counsel for SDC, our team provided comprehensive support throughout the global merger filing procedure, including defining the relevant market, assessment and review of the anti-competitive impact of the transaction, and development of arguments to support an unconditional clearance.  Our team closely coordinated with local counsels, including SDC’s counsel in China which was a key country of interest in the merger, and successfully obtained unconditional clearance from all of the relevant jurisdictions in a timely manner.

For the Korean filing, even though SDC, as the seller, was not the filing party, our team made significant contributions to the parties’ successful obtainment of unconditional clearance from the Korea Fair Trade Commission (the “KFTC”).  Among other actions, our team prepared and submitted separate materials in response to the KFTC’s requests for further information, and directly consulted with the KFTC to resolve any outstanding issues.

Further, despite uncertainties in the Vietnam merger filing procedures resulting from a comprehensive amendment to the Vietnamese filing system in July 2019, and the lack of applicable precedents, our team, notably, was able to successfully obtain clearance within a short period of time.  Our team closely coordinated with the Vietnam Competition and Consumer Authority, advocating on behalf of SDC and effectively responding to its multiple requests for information.  We expect that the experience gained from this transaction can guide us to successfully obtain clearance in future merger filing cases in Vietnam.