Cross-Border mergers & acquisitions and the legal response of host countries

Abstract

This thesis provides an overview of host countriesa?? legal responses to cross-border M&As, with a detailed introduction and discussion of Chinaa??s legal framework governing these transactions. Base on a comparative study of various FDI entry regulations, industry policies, after-entry regulations and merger control regimes, it is found that developed countries usually provide a relative free environment for cross-border M&As, where a systematic set of antitrust rules is playing the major role; in the developing world, on the other hand, cross-border M&As are usually subject to the more stringent regulatory control, consisting primarily of FDI legislation and other special regulations. The underdevelopment of cross-border M&As in some developing countries such as China, can be partly attributed to their restrictive and incomplete legal framework, and thus lessons can be drawn from the successful experience of many developed and developing countries.