Bill easing control over mergers and acquisitions heads to Parliament
MOSCOW, December 27 – RAPSI. Prime Minister Dmitry Medvedev has signed an executive order to submit a bill to the State Duma easing notification procedure for mergers and acquisitions, the PRIME news agency reported.
The bill proposes to exclude notification control over a number of economic transactions, including mergers and acquisitions.
Currently, pursuant to the federal law on protection of competition, companies have to notify the Federal Antimonopoly Service of establishment of a new enterprise following a merger or acquisition deal, if their assets value or total annual profits exceed 400 million rubles ($13.065 million).
The bill is aimed at easing this provision.
Transactions involving companies whose assets exceed 7 billion rubles ($228.6 million) and whose annual profits exceed 10 billion rubles ($326.6 million) will still be subject to the Federal Antimonopoly Service’s control. Such transactions will require the antimonopoly service’s approval.