About Merger & Acquisition Law in Athens, Greece
The process of Mergers & Acquisitions (M&A) in Greece centralizes around the Greek Companies Law (Law 2190/1920), as amended and codified by the law 4548/2018. It involves potential complexities in harmonizing local regulations with European Union directives. The process covers consolidation (merger) of two or more companies, the buying, selling or dividing business entities, and transferring or acquiring business shares. Given the stringent nature of laws and regulations in Athens, M&A activities must comply with the rules of the Hellenic Competition Commission and, on occasion, the competent European authorities.
Why You May Need a Lawyer
Engaging a lawyer is essential for parties considering M&A deals given their complex nature. Lawyers provide guidance on due diligence procedures, structure of transactions, legal requisites to comply with local and EU laws, negotiation and formulation of terms of agreement, and post-deal legal issues. Having legal assistance minimizes business risk, ensures law compliance, and smoothens the entire process.
Local Laws Overview
Pertinent Greek laws in conjunction with European directives primarily govern M&As. Notably, the Codified Law 2190/1920 and the new law 4548/2018 contains the general framework for corporate governance. Law 346/1976 presides over tender offers, while Law 703/1977 and Law 3959/2011 regulates competition compliance. M&A agreements must also adhere to tax provisions (Law 4172/2013), employment laws (Law 2112/1920), and specific industry regulations.
Frequently Asked Questions
1. What are the key M&A laws in Greece?
The key M&A laws are the Corporate Law 4548/2018, Law 346/1976 on tender offers, Law 703/1977 and Law 3959/2011 regarding competition laws, and local tax and employment laws.
2. Are foreign investors permitted to take part in M&A in Athens?
Yes, foreign investors are allowed to participate in M&A activities in Athens following the acquisition approval by the Hellenic Competition Commission for significant transactions.
3. What are the typical stages in an M&A transaction?
Typical stages include preliminary discussions, due diligence, signing of transaction agreements, regulatory authorizations, execution of the agreements, and resolution of post-deal issues.
4. Is M&A process time-consuming?
The duration of the M&A process depends on the complexity of the deal, the parties involved, the need for regulatory approvals, and the accuracy of documentation.
5. Are mergers and acquisitions taxed in Greece?
Yes, M&A transactions in Greece may be subject to different types of taxes including transfer tax, VAT, and capital gains tax, dependent on the transaction's nature.
Additional Resources
The Ministry of Development and Investments, Hellenic Competition Commission, and the Athens Chamber of Commerce and Industry serve as excellent domestic resources for rules about M&A. For European standards, the European Commission’s website is a recommended reference.
Next Steps
You should take the step to consult with a professional lawyer if you're considering an M&A transaction. A lawyer will assess your specific circumstances, guide you through the process, and help minimize potential risks. Consider engaging a law firm that specializes in corporate laws and M&A to ensure you receive competent advice.
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The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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