The Mergers & Acquisitions Review - Seventh Edition: Chapter 20: Cyprus

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I GENERAL INTRODUCTION TO THE LEGAL FRAMEWORK FOR M&A -

Since Cyprus’s accession to the EU, the legislation regulating M&A activity in Cyprus has been closely aligned with Europe-wide practices.

Prior to Cyprus’s EU membership, the ability of Cyprus companies to merge was limited to domestic mergers and was governed by the general provisions of the Company Law on arrangements and reconstructions. In 2007 Cyprus enacted legislation harmonising its existing laws with Directive 2005/56 on cross-border mergers of limited liability companies opening the route for cross-border mergers between companies incorporated in Cyprus and companies in the EU.

A cross-border merger may take place by acquisition whereby one or more limited liability companies are wound up without going into liquidation and transfer all their assets and liabilities to an existing company or a newly established company. In exchange, the shareholders of the acquired company are issued shares and a settlement amount in cash payment not exceeding 10 per cent of the nominal value of shares or when the shares have no nominal value of the accounting par value.

Originally published in The Mergers & Acquisitions Review - August 2013.

Please see full publication below for more information.

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Harney Westwood & Riegels on:

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