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Jurisdiction(s):
United Kingdom
Key definition
Associate definition

What does Associate mean? In takeover practice, an associate is a person or entity closely connected with an offeror whose shareholdings are relevant when structuring a takeover offer and calculating squeeze‑out and sell‑out thresholds. For Companies Act 2006, Part 28, Chapter 3 (squeeze‑out and sell‑out), associate is defined to include: a nominee of the offeror; a holding company, subsidiary or fellow subsidiary of the offeror (and any nominee of such companies); a body corporate in which the offeror is substantially interested; a person who is, or is a nominee of, a party to a share acquisition agreement with the offeror; and, where...

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Portugal FDI screening for non-EEA control of strategic assets: framework, triggers, process, sectoral authorisations, disclosure, timelines, confidentiality, merger control interface and EU reform outlook

Practice notes
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1. What is the applicable legislation?

Key laws regulating inbound Investment in Portugal comprise:

  • Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019, setting a framework for screening foreign direct investment into the Union (EU FDI Regulation 2019), as updated by Commission Delegated Regulation (EU) 2021/2126 of 29 September 2021
  • Regulation (EU) 2022/2560 of the European Parliament and of the Council of 14 December 2022 on foreign subsidies that distort the internal market
  • Legal Framework for National Strategic Assets, adopted by Decree-Law No. 138/2014 of 15 September 2014 (Decree-Law 138/2014)
  • Portuguese Companies Code, adopted by Decree-Law No. 262/86 of 2 September 1986, as amended

In addition, several bilateral investment treaties (BITs) can apply depending on the investor’s jurisdiction; Portugal has concluded these to mutually protect Investments. Portugal is presently party to BITs with the following 49 countries:

  • Albania
  • Algeria
  • Angola
  • Argentina
  • Bolivia
  • Bosnia-Herzegovina
  • Bulgaria
  • Cape Verde
  • Chile
  • China
  • Croatia
  • Cuba
  • Czech Republic
  • Egypt
  • Gabonese Republic
  • Germany
  • Guinea-Bissau
  • Hungary
  • Jordan
  • Kuwait
  • Latvia
  • Libya
  • Lithuania
  • Macao
  • Mauritius
  • Mexico
  • Morocco
  • Mozambique
  • Pakistan
  • Paraguay
  • Peru
  • Philippines
  • Qatar
  • Republic of...
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Web page updated on 26/05/2026

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