Perú: Several projects to seek M&A rules for 2017

The Pro-investment and Job Creation Working Group of Peru’s congress has announced it will hold two more sessions with government representatives and industry groups as they seek to hash out the terms for creating a new legal framework that will allow the country to effectively regulate Mergers and Acquisitions.

Jorge del Castillo, coordinator for the working group, said that there are currently no laws in place that would allow the government to act to prevent monopolies from forming or to punish the abuse of dominance in the market, which has prompted the need to create a legal framework in this regard. The group’s proposal would join an existing Law Project presented by congressman Yonhy Lescano towards the end of 2016, which put forward the idea of giving industry regulator INDECOPI the authority to regulate all company mergers which affect over 51% of the market in any specific sector.

Finally Marco Arana, congressman for the Frente Amplio group and author of yet another M&A bill, remarked on the importance of fighting back against market concentration and monopolies, especially in the food, medicine and public services sectors. The congressman called on Del Castillo to work together with the previous projects in order to complement each other’s efforts.

Full Content: La República

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