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Theoretical and Applied Economics
No. 1 / 2015 (602), Spring

How the legislation influenced the M&A transactions in Romania

Radu CIOBANU
Bucharest University of Economic Studies, Romania

Abstract. We know that there is a close connection between the mergers and acquisitions and the legislation in every country. The M&A market is usually governed by commercial codes and other special laws in order to enhance business performances but maintaining proper competitive environments for improving business performances.

The aim of this study is to analyze whether the M&A market in Romania was influenced in time by the specific legislation that was regulated for this purpose. Our analyze will include data for mergers and acquisitions between 2000 and 2014 and different types of mergers and acquisition processes which happened both on the stock exchange market and on a counter-to-counter basis.

We will also discuss about the political decision that had an effect on the M&A market in Romania mainly in cases of privatisation processes. We will take into account the EU accession when Romania had to align its legislation to the European one (The European Community Merger Regulation Law) to see if this affected the M&As.

Keywords: M&A legislation, takeovers, regulation, tender offers.

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