One advantage of EU membership has been the ability of UK companies to merge with another EEA company by using an established cross-border merger procedure provided for by EU law. This cross-border merger process puts in place a reciprocal procedure in the relevant jurisdictions and has a number of advantages over more traditional mergers between EU companies.
It is now clear in the UK Brexit legislation that these cross-border mergers will no longer be available to UK companies after 31 December 2020 (the end of the transition period). As such, now is the time to restructure group companies to either include or exclude UK companies from corporate groups to take advantage of these rules. We have a great deal of experience of the UK aspects of these cross-border mergers.
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This publication is a general summary. It should not replace legal advice tailored to your specific circumstances.
© Farrer & Co LLP, January 2020