PORTUGAL Law and Practice Contributed by: Domingos Cruz, Joana Bugia and Constança Morão, CCA Law Firm
• To the extent that the transaction either con - stitutes (or is deemed to constitute) a con - centration falling within the scope of the EU Merger Regulation (Council Regulation (EC) No 139/2004 of 20 January 2004) or of the Portuguese Competition Act (Law No 19/2012 of 8 May), it shall be subject to examination or clearance by the European Commission or the Portuguese Competition Authority. • For the acquisition of listed companies, the CMVM shall have a say in the matter. • The Portuguese government has control over the foreign investment – the review being trig - gered only if the potential acquirer is ultimate -
ly owned by an entity outside of the European Economic Area and also if the target assets are deemed “strategic assets” for the country – and over concessions for the operation of certain public goods. • If the company is already subject to any sec - toral regulations due to its sector of activity, such regulators shall also review and some - times approve the transaction. In addition, due to the EU sanctions on some Russian individuals and Russian entities, it has been extremely difficult for Russian individuals and entities to operate in Portugal.
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