Regulatory approval plays an important role in the transfer of assets or lines of business. In general, where permits are issued in consideration of assets being sold, the transfer will entail a new authorisation procedure to be undertaken by investors. This is also the case for environmental authorisation; however, as local authorities do not consistently deal with the applicability of the various regulations in this regard, mitigating potential hurdles will generally require coordination with the respective authorities involved.
In 2014 the Austrian Supreme Court submitted a request to the European Court of Justice (ECJ) for a preliminary ruling on the interpretation of EU law regarding cross-border mergers. The ECJ recently ruled that in cases of merger by acquisition, all contracts entered into by the transferor company pass to the acquiring company without novation. Thus, the law applicable to the contracts before the merger also applies to the underlying contracts after the merger.
Including: Law; Application; Mandatory Tender Offers; Voluntary Tender Offers; Competing Bids; Withdrawal of Tender Offer; Content of Bid Prospectus; Consideration and Terms of Payment; Steps to be Taken by the Acquirer; Steps to be Taken by the Target Company; Proxy Solicitation; Ownership of Equity Securities; Penalties.