Deals into Portugal.

What a buyer plans for in Portugal

• In a transfer of a business or economic unit, staff move to the buyer with all their rights; the seller is jointly liable for two years for debts due at transfer. Labour Code (Código do Trabalho), article 285
• Seller and buyer inform staff representatives, or staff where there are none, in writing at least 10 working days before consultation; the transfer waits seven working days after consultation ends. Labour Code (Código do Trabalho), articles 285 and 286
• An employee facing serious harm, such as a financially weak buyer, may object in writing within five working days after consultation ends, and then stays with the seller. Labour Code (Código do Trabalho), article 286-A
• Deals above the Portuguese thresholds, such as combined turnover in Portugal over EUR 100 million with two parties above EUR 5 million each, may not close before clearance. Competition Act (Lei 19/2012), articles 37 and 40
• Where the deal needs EU merger clearance, the buyer may not implement it before clearance. EU Merger Regulation (Council Regulation (EC) No 139/2004), article 7