A merger is succeeded when two or more companies merge into an already existing company. The court’s approval is required for the merger to be completed. Mergers are regulated mostly by the Companies Law (Cap. 113) which implemented the provisions of the EU Directive 2005/56/EC on cross-border mergers. The procedure of the cross-border mergers between EU Members is uniform and simplified and allows for great efficiency.
Other important Cypriot Legislations in relation to this matter are:
(A) the Control of Concentration Between Enterprises Law (22(I)/ 1999) which promotes fair competition.
(B) the Safeguarding and Protection of Employees Rights in the Event of the Transfer of Undertakings, Businesses or Parts Thereof (104/(I)/2000) which safeguards the rights of employees in the event of a transfer of undertakings.