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May 18, 2022

Gov’t to issue ordinance on mergers, after EC warning

The Ministry of Justice drafted an emergency ordinance that will implement the provisions aimed at simplifying the obligations of reporting and devising the due documentation in the operations of merging or breaking-up joint-stock companies, after Romania has been warned by the European Commission, Mediafax reports.

The EC last week announced that Romania, Cyprus, Italy, Slovenia and Slovakia did not enact the simplified norms on mergers and break-ups, which should have been in place by June 2011 at latest.

Among others, the legislation provides for a simplified mechanism of informing shareholders/associates about mergers/break-ups – the documents are made available to shareholders/associates by posting them on the internet page of the company, without having to consult them at the company HQ, and instates the possibility of providing to shareholders/associates electronic copies of the documents about the merger/break-up.

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