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Legal Framework: Antitrust

Argentine Antitrust Law No. 25156 prohibits and punishes acts that limit, restrict or distort competition or access to the market, or represent an abuse of a dominant position in the market, which might result in damages to the “general economic interest”. Furthermore, it provides for certain rules that regulate mergers and acquisitions of companies and assets by submitting them to a process of prior governmental authorization.

Mergers and acquisitions in cases when the aggregate amount of the business of companies involved exceed AR$ 200 million are subject to previous authorization by the enforcement authority of the Law, the Argentine Antitrust Commission. Some transactions are exempted from such authorization, including the acquisition of a single company by a single foreign company not previously having assets or shares of other companies in Argentina, or acquisitions of companies in which the buyer already held over fifty percent (50%) of shares.

When deciding on a given transaction subject to authorization under the Law, the Argentine Antitrust Commission may either authorize the transaction, subject the transaction to certain conditions or deny the authorization.

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