The Conditions and Legal Effects of Mergers of Commercial Companies in Iranian and European Union Law, with Particular Emphasis on Competition Law

Document Type : Academicm and Research

Authors

1 Assistant Professor of Private Law, Faculty of Law & Political Sciences, University of Mazandaran, Babolsar, Iran.

2 PhD in Private Law, Faculty of Law & Political Sciences, University of Mazandaran, Babolsar, Iran/

3 PhD Candidate of Private Law, Faculty of Law & Political Sciences, University of Mazandaran, Babolsar, Iran.

Abstract

liquidation proceedings, one commercial company is absorbed into another, or an entirely new company is formed through the combination of two or more existing companies. While corporate mergers have a long-standing legal tradition in jurisdictions such as England and the United States, they remain a relatively recent and underdeveloped legal institution in Iranian law, where they are addressed only in a fragmented and unsystematic manner across a disparate array of legislative instruments. This study adopts a descriptive-analytical methodology within a comparative framework to examine the legal architecture governing corporate mergers, the criteria and substantive standards for merger approval, the procedural and formal requirements, and the legal consequences of mergers under both Iranian law and European Union law, with particular emphasis on the role and requirements of competition law. The analysis encompasses the European Union's merger control regime, established under Regulation (EC) No 139/2004 and administered by the European Commission through the application of the Significantly Impeding Effective Competition Test, as well as the evolving Iranian framework, including the relevant provisions of the Law on Implementing the General Policies of Article 44 of the Constitution and the successive drafts of the Commercial Code Bill. The findings indicate that, notwithstanding the significant structural and procedural differences between the two legal systems, both pursue the fundamental objective of preserving effective competition in the market and preventing anti-competitive concentrations. Nevertheless, the deficiencies and legislative gaps surrounding this legal institution in Iranian law remain pronounced, particularly with regard to the absence of a comprehensive statutory framework governing merger procedures, the protection of creditors and minority shareholders, and the institutional mechanisms for competition-based merger control. The study concludes that the enactment of a coherent and comprehensive legislative framework governing corporate mergers is an urgent and indispensable necessity to eliminate existing legal ambiguities, to align Iranian law with international standards, and to provide legal certainty in the context of the increasing internationalisation of commercial companies and the expansion of cross-border commercial transactions.

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