{"id":4213,"date":"2015-02-10T08:00:11","date_gmt":"2015-02-10T08:00:11","guid":{"rendered":"http:\/\/www.asociacion-eurojuris.es\/en\/?p=4213"},"modified":"2020-04-11T07:23:00","modified_gmt":"2020-04-11T07:23:00","slug":"ma-in-spain-different-kinds-of-ma","status":"publish","type":"post","link":"http:\/\/www.asociacion-eurojuris.es\/en\/ma-in-spain-different-kinds-of-ma\/","title":{"rendered":"M&A in Spain: Different Kinds of M&A"},"content":{"rendered":"

1. Types of M&A<\/em><\/strong><\/span><\/h2>\n

a) Merger<\/strong><\/em><\/span><\/h2>\n

A merger takes place when two independent companies create a completely new one that did not exist beforehand (Articles 5032 Paragraph 1 and 5034 Paragraph 1 of the Spanish Law on the Protection of Competition (Law Nr. 15\/2007)). \u00a0The merger through takeover also exists. In this case, a company will be taken over by another one, and the latter retains its legal personality.<\/p>\n

b) Acquisition<\/strong><\/em><\/span><\/h2>\n

An acquisition requires a lasting and durable change in the control of the concerned company. \u00a0The change is lasting when it takes eight to 15 years after the closing of the acquisition.<\/p>\n

Exclusive control of a company will then be assumed when a company exercises exclusive influence over another company or has such a possibility. \u00a0There are two kinds of exclusive control:\u00a0 positive and negative. \u00a0Positive exclusive control occurs when the acquirer has the majority of voting rights and can therefore actively influence the acquired company\u2019s strategic decisions. \u00a0Negative exclusive control occurs when the acquirer has a right of veto regarding company decisions, but he or she cannot impose it.<\/p>\n

Joint control exists when several companies have the possibility to exercise\u00a0 exclusive influence over the acquired company. \u00a0Contrary to exclusive control, where only one shareholder exercises deciding influence, joint control is characterised by the influence of several companies so that a \u201cblocked situation\u201d may occur.<\/p>\n

c) Change in The Nature of the Contro<\/strong><\/em><\/span><\/h2>\n

The change in the nature of the control is also considered a transaction from a competition point of view. \u00a0This happens when the company changes from exclusive to joint control. \u00a0This is the case when the number of management stockholders rises or their identity changes.<\/p>\n

Some transactions are NOT considered a change in nature of control: \u00a0the change from negative exclusive control to positive exclusive control; the joining of a third acquirer; and no change in powers of attorney.<\/p>\n

d) \u00a0Joint venture<\/strong><\/em><\/span><\/h2>\n

The creation of a joint venture is taken into account when the company is of a lasting nature and fulfils all functions of an independent economic unit. \u00a0The main prerequisite is the full functionality of the company; it must be able to operate in a market. \u00a0In particular, the company must have management that is competent in the running of daily affairs and access to sufficient financial and human resources and assets. \u00a0Thus, an entrepreneurial activity can develop on a stable basis. \u00a0It is not necessary for the personnel to be named straight from the joint venture.<\/p>\n

An economic unit does not imply complete actions if it only practices a particular side activity as part of a parent company with no access to the relevant market. \u00a0An example of this is a company that exclusively does business in the research and development field or produces and distributes a parent company\u2019s product.<\/p>\n

Karl H. Lincke<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

1. Types of M&A a) Merger A merger takes place when two independent companies create a completely new one that did not exist beforehand (Articles 5032 Paragraph 1 and 5034 Paragraph 1 of the Spanish Law on the Protection of Competition (Law Nr. 15\/2007)). \u00a0The merger through takeover also exists. In this case, a company […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1064],"tags":[],"class_list":["post-4213","post","type-post","status-publish","format-standard","hentry","category-pubications"],"yoast_head":"\nTypes of M&A in Spain<\/title>\n<meta name=\"description\" content=\"Merger, acquisitions, changesin the nature of the control and joint venture are the four types of M&A to be found in Spain in terms of company restructuring.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.mariscal-abogados.com\/ma-in-spain-different-kinds-of-ma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Types of M&A in Spain\" 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