Peru: Support grows for new M&A law

Congressman Yonhy Lescano, speaking for the Acción Popular party, has announced that his group will aim to present a new bill proposal for regulating Mergers and Acquisition transactions. The bill, Mr. Lescano said, would safeguard free competition, the market and consumers foremost. The announcement was met with signs of support coming from a wide array of actors, both in the public and private sectors.

Attempts to block the debate on this important subject have been unsuccessful. Congressman Jorge del Castillo, backed by the AP group, has successfully passed a motion requiring a M&A law to be discussed in the senate. In response, Vice President Mercedes Aráoz, also head of the Senate Economics Commission, has announced the formation of a dedicated task force to look into the matter.

Strangely absent from the debate has been Peruvian competition regulator INDECOPI, limiting its participation to negative remarks on the added resources such legislation would require. The position has provoked criticism from various companies and legal firms, which have concluded the agency may not be prepared to handle the hardships involved in implementing such a law.

Full Content: La República

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