In mid-July, the Austrian legislature passed a new Investment Control Act – ICA (Investitionskontrollgesetz – InvKG) as proposed by the Austrian Federal Government. It is expected to enter into force and apply shortly after being signed by the Federal President and the Federal Chancellor and its publication in the Official Gazette (Bundesgesetzblatt – BGBl).
By way of introducing an approval requirement connected to a statutory condition precedent, the ICA establishes a rigid national foreign direct investment control regime. It will affect a broad range of M&A transactions that, directly or indirectly, involve control rights in Austrian companies active in defined industry sectors.
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