Romania, Mergers & Acquisitions – overview, highlights and forecast

The Romanian legal framework governing M&A is much in line with international practice, and hence foreign buyers may expect to find themselves on familiar soil and to run into no major surprises. However, certain specificities do arise from Romania’s historic background with privatisation, for instance, having been for a long time a significant component of M&A practice, and restitution laws playing an important part in the assessment of real estate transactions.

As to the general framework, Company Law no. 31/1990 and the recent Civil Code (in force as of 2011) provide the main statutory framework for the purchase and sale of corporate entities, or of their assets and liabilities.