{"id":135478,"date":"2026-04-08T11:29:18","date_gmt":"2026-04-08T11:29:18","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=135478"},"modified":"2026-04-08T11:29:18","modified_gmt":"2026-04-08T11:29:18","slug":"qatar-mergers-acquisitions","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/qatar-mergers-acquisitions\/","title":{"rendered":"Qatar: Mergers &amp; Acquisitions"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-135478","comparative_guide","type-comparative_guide","status-publish","hentry","guides-mergers-acquisitions","jurisdictions-qatar"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Al Tamimi &amp; Company In Association with Adv. Mohammed Al Marri<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2019\/07\/Al-Tamimi-Company-Logo-Blue.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">Al Tamimi &amp; Company In Association with Adv. Mohammed Al Marri<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2019\/07\/Al-Tamimi-Company-Logo-Blue.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Mergers &amp; Acquisitions laws and regulations applicable in Qatar<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the key rules\/laws relevant to M&A and who are the key regulatory authorities?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Qatar Financial Markets Authority (QFMA) and the Ministry of Commerce and Industry are the regulators in this regard. The Qatar Central Bank (QCB) is also involved where a merger or an acquisition involves a financial institution. The Qatar Stock Exchange (QSE) also administers listed companies. The key laws\/regulations are comprised of:<\/p>\n<p>a. Law No. 8 of 2012 (QFMA Law);<\/p>\n<p>b. Law No. 11 of 2015 as amended by Law No. 8 of 2021 (the Commercial Companies Law);<\/p>\n<p>c. The QFMA\u2019s Board Decision No. (8) Of 2025 Concerning the Offering and Listing, and Mergers and Acquisitions Rules 2025;<\/p>\n<p>d. The QSE Rulebook;<\/p>\n<p>e. Law No. 13 of 2012 (the QCB Law);<\/p>\n<p>f. QCB Instructions to Banks; and<\/p>\n<p>g. Law No. 19 of 2006 (the Law on Protection of Competition and the Prevention of Monopolistic Practices)<\/p>\n<p>h. Law No. (1) of 2019 on the Regulation of Non-Qatari Capital Investment in Economic Activity<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the current state of the market?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>While the stock market in the State of Qatar was perceived as relatively moderate in activity compared with larger regional markets, 2025-2026 is showing signs of increasing momentum and diversification. As of early 2026, the Qatar Stock Exchange (QSE) reports around 54 companies listed on the exchange, up from earlier figures, reflecting a gradual expansion in market participation and confidence.<\/p>\n<p>In terms of recent listings, new entrants such as Mosanada Facilities Management Services have been added to the exchange\u2019s roster in late 2025\/early 2026, illustrating an ongoing pipeline of firms choosing to access public funding.<\/p>\n<p>The QFMA issued Board Decision No. 8 of 2025, introducing the Offering, Listing &amp; Mergers and Acquisitions Rules (effective from December 2025) (\u201c2025 Rules\u201d). These rules replace the former offering and listing regime and provide clearer standards for prospectus requirements and listing eligibility.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which market sectors have been particularly active recently?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The government sector remains the primary driver of economic activity in the State of Qatar. The most active sectors continue to be energy, defence, financial services, infrastructure, and tourism<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What do you believe will be the three most significant factors influencing M&A activity over the next 2 years?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>a. Following the completion of major national projects and large-scale expansion cycles, particularly in energy and infrastructure, Qatar may experience increased consolidation across construction, services, and industrial sectors.<\/p>\n<p>b. Continued openness to foreign ownership is expected to stimulate cross-border transactions.<\/p>\n<p>c. The new 2025 Rules provide clearer regulatory pathways, which may encourage increased M&amp;A activity among listed companies.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the key means of effecting the acquisition of a publicly traded company?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under the Law No. (1) of 2019 on the Regulation of Non-Qatari Capital Investment in Economic Activity, a non-Qatari investor may own a percentage not exceeding (49%) of the share capital of Qatari publicly traded listed on the Qatar Stock Exchange, provided that the Ministry of Commerce and Industry approves the proposed percentage as stated in the company\u2019s memorandum of association and articles of association. A higher percentage than that indicated may also be owned with the approval of the Council of Ministers, upon the proposal of the Minister of Commerce and Industry.<\/p>\n<p>Under Article 287 of the Commercial Companies Law, a company is deemed to have acquired another company if such a transaction results in the acquirer owning 40% of stocks or shares (being the highest percentage of ownership) in the target company. In such cases, for soundness of the acquisition, Article 288 requires the transaction and related matters to be approved by resolutions of Extraordinary General Assemblies of both the acquirer and the acquired. These resolutions must be passed in meetings attended by shareholders representing at least 75% of the respective company\u2019s capital.<\/p>\n<p>Any person acquiring 10% of a listed company\u2019s shares (alone or in concert) must notify the QFMA, while acquisitions reaching 20% also require disclosure. Acquisitions up to 30% can be effected through the market or a formal offer to shareholders, following QFMA procedures. Importantly, the 2025 Rules introduce a mandatory offer at 90% ownership without minority consent, clarify that shareholders acting in concert are included in threshold calculations, and strengthen disclosure, investor protection, and procedural safeguards during the offer process.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information relating to a target company is publicly available and to what extent is a target company obliged to disclose diligence related information to a potential acquirer?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>There is no specific obligation to disclose imposed on the target company. The only information publicly available will be that which can be found on the commercial register, website of the target (which must include biannual financial reports) or on the QSE website or which is published in newspaper in connection with the target\u2019s annual general meeting.<\/p>\n<p>Such publication will include the balance sheet, profit and loss statement, board of directors\u2019 report, auditor\u2019s report and general assembly agenda.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">To what level of detail is due diligence customarily undertaken?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Ordinarily a due diligence will be undertaken although it is not required by law. A due diligence will look at various matters including corporate and shareholder information, government &amp; regulatory matters, details of assets, financial position &amp; statements, financial obligations and commitments, material contracts, real estate, insurance policies, taxation position &amp; issues, employees, intellectual property &amp; technology, litigation, arbitration and other disputes.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the key decision-making bodies within a target company and what approval rights do shareholders have?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The shareholders\u2019 meeting and the board are the approving organs.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the duties of the directors and controlling shareholders of a target company?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The directors of the company should not act in a way that could harm the company or make the deal more complex. Shareholders\u2019 spouses and children are not allowed to trade shares before a decision has been made on whether or not to implement an acquisition or merger.<\/p>\n<p>Shareholders and directors may not exploit any information for trading purposes. Additionally, under the Governance Code for Companies &amp; Legal Entities Listed on the Main Market, the QFMA requires necessary disclosures be made to the shareholders if the company enters into a Major Transaction (which is a transaction aiming to own, sell, lease, exchange, or otherwise dispose of (except for establishing guarantees) assets of the company or assets to be acquired by the company or transactions which would change the essential nature of the company business; or those whose gross value exceeds (10%) of the lesser of either the company\u2019s market value or the net value of the company\u2019s assets according to the latest announced financial statements) that might harm the interests of the shareholders or prejudice the ownership of the company\u2019s capital.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Do employees\/other stakeholders have any specific approval, consultation or other rights?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No. But the effect of any merger under Qatar law is that the merged entity is the successor in law to any contractual rights and obligations that existed in any merging entity prior to the merger, so this would apply to contracts such as employment agreements, leases, supply agreements etc.<\/p>\n<p>Furthermore, the QCB may require merging financial institutions to provide certain comfort in relation to the customers of merging financial institutions. This may include, without limitation, an action plan to be provided by the financial institutions setting out the details on how to deal with customer accounts \/ facilities and consents. The QCB has the right to impose certain conditions, grace periods or require certain guarantees from the financial institutions before it issues a final approval.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">To what degree is conditionality an accepted market feature on acquisitions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Conditionality is not a common market feature. A compulsory offer must not be conditional on the offeror acquiring all remaining shares (unless the QFMA approves a condition for main equity market companies to acquire at least 90%).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What steps can an acquirer of a target company take to secure deal exclusivity?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Only by way of an agreement to do so.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What other deal protection and costs coverage mechanisms are most frequently used by acquirers?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Leak protection mechanisms or agreements, which prevents leaks of information. Written confidentiality undertakings are required from persons receiving non-public offer information under the 2025 Rules.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which forms of consideration are most commonly used?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Cash and share issues. For cash acquisitions, a bank guarantee from a local bank confirming the offeror\u2019s payment capability is required.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">At what ownership levels by an acquirer is public disclosure required (whether acquiring a target company as a whole or a minority stake)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Threshold Requirements<\/p>\n<p>Under the 2025 Rules, the ownership threshold framework for public disclosure is as follows:<\/p>\n<ul>\n<li><strong>Minimum Threshold Owner:<\/strong> A person is considered a \u201cminimum threshold owner\u201d if:<\/li>\n<\/ul>\n<p>(a) The person owns at least 10% but less than 30% of a listed company\u2019s shares (taking into account only direct ownership and indirect ownership arising from shares held by the person\u2019s spouse and minor children); or<\/p>\n<p>(b) The person owns at least 20% but less than 30% of a listed company\u2019s shares (taking into account direct ownership and any form of indirect ownership).<\/p>\n<ul>\n<li><strong>Maximum Threshold Owner: <\/strong>A person is considered a \u201cmaximum threshold owner\u201d if they own 30% or more of a listed company\u2019s shares.<\/li>\n<\/ul>\n<p>Depending on the percentage ownership, the following disclosure\/approval requirements can be attracted:<\/p>\n<ul>\n<li>A person cannot enter into a transaction or arrangement that would result in becoming a minimum threshold owner unless they comply with the disclosure requirements under Article 12.2.1.<\/li>\n<li>A person cannot become a maximum threshold owner (30% or more) unless they obtain written approval from QFMA.<\/li>\n<\/ul>\n<p><strong>Disclosure Procedure<\/strong><\/p>\n<p><span style=\"font-size: 1rem\">Under Rule 12.2.1, a listed company must disclose to the QFMA, the QSE and the public \u201cany material non-public information and any other event specified in this Part\u201d. The definition of material non-public information can be found at Rule 12.1.2 (1) which defines the same as information that:<\/span><\/p>\n<p>a. is precise;<\/p>\n<p>b. is not generally available;<\/p>\n<p>c. relates, directly or indirectly, to the security or its issuer; and<\/p>\n<p>d. would, if generally available, be likely to have a significant effect on the price of the security (whether that effect is to increase or decrease the price.<\/p>\n<p>The information to be disclosed must satisfy all limbs of the above definition. There are further definitions at Rule 12.1.2.(2) in terms of (i) \u201cprecise\u201d meaning circumstances that exist or may reasonably be expected to come into existence, or an event that has occurred or may reasonably be expected to occur and is specific enough to enable a conclusion to be drawn about the possible effect of the circumstances or event on the price of a security; (ii) \u201cgenerally available meaning if it has been disclose through an announcement or regulatory filing, is available to inspect or is otherwise available through publication of the internet and can be obtained without infringing rights relating to privacy or confidentiality; and (iii) \u201ceffect of the price of the security\u201d means if the same comprises information that a reasonable investor would likely to use as part of an investment decision.<\/p>\n<p>In terms of the mechanics of notifying the QFMA, one must do so in the form and manner specified by the QFMA. Rule 12.1.2 (3) requires the same to be made as soon as possible before trading commences on the day knowledge is acquired, and if it is not a trading day in Qatar then within 24 hours of the information being known to the concerned entity. Whilst there is a clear statement under Rules 12.2.1 (6) that if the information is disclosed to another authority inside or outside the State of Qatar, the issuer must disclose the information to the QFMA \u201cno later than the time which it is disclosed to the other authority\u201d. There is scope under the QFMA Rules to delay disclosure of information where there would be some detriment to commercial interests of the concerned entity or where delaying the disclosure will not mislead investors or the public. However, if the disclosure is made on a trading day, a request would need to be made to the Qatar Stock Exchange to suspend the trading.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">At what stage of negotiation is public disclosure required or customary?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>An offeror must disclose an offer under preparation if the risk of investors being misled outweighs the detriment to the offeror\u2019s commercial interests. Factors include the risk of leaks during negotiations, public statements or speculation, and unusual trading patterns. A listed company which is party to an acquisition outside Qatar must disclose offer details immediately upon regulatory approval in the offeree\u2019s country or if any other action is taken which meets the thresholds set out under the 2025 Rules, including effects if such an action on the price of shares of the listed company.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there any maximum time period for negotiations or due diligence?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The law does not prescribe any maximum time period for these purposes.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there any maximum time period between announcement of a transaction and completion of a transaction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The 2025 Rules requires the offeror must give the QFMA a propose dtimetable for the offer no later than 10 working days after the disclosure is made, otherwise it must be given to the QFMA before the application is made for QFMA\u2019s approval of the offer. The timetable must include, the date the offer document is proposed to tbe given to the QFMA for approval, the date the approved offer document is proposed to be given to the offeree, the date by which the offeror\u2019s shareholders\u2019 approval is proposed to be obtained, the proposed closing date and the proposed final date for payment of consideration. This timetable must be followed. If the offeror or the offeree is unable to comply with the timetable, the QFMA must be notified immediately to take any appropriate action, and the QFMA has the right to propose amendments to the timetable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances where a minimum price may be set for the shares in a target company?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, in the context of compulsory offers. If the offeror has made an offer for the same listed company within the preceding year, the compulsory offer price per share must not be less than the highest price per share offered in any previous offer during that period.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is it possible for target companies to provide financial assistance?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No. This is not a possibility.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which governing law is customarily used on acquisitions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Qatar law.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What public-facing documentation must a buyer produce in connection with the acquisition of a listed company?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under the 2025 Rules, the offeror must submit a merger and acquisition application containing, without limitation, the following information:<\/p>\n<ul>\n<li>the name of the offeror, the address of its headquarters, its objectives and the amount of its capital;<\/li>\n<li>the names of the offeror\u2019s senior management and major shareholders and the number and percentage of shares held by each of them in the offeree company;<\/li>\n<li>a statement of the number and percentage of the offeree\u2019s shares owned by the offeror;<\/li>\n<li>the name of the offeree, the address of its headquarters, its objectives and the amount of its capital;<\/li>\n<li>a statement of the purpose of the merger or acquisition;<\/li>\n<li>a copy of articles of association, memorandum of association and entry in the commercial register for both the offeror and the offeree;<\/li>\n<li>an up-to-date copy of the shareholders\u2019 register of the offeror;<\/li>\n<li>a copy of the proposed merger or acquisition agreement;<\/li>\n<li>copies of the audited annual financial statements of both the offeror and the offeree for the last three years, if applicable;<\/li>\n<li>a written commitment from the offeror to pay the full fees due to the Authority related to the merger or acquisition;<\/li>\n<li>a copy of the offer document; and<\/li>\n<li>a copy of the notice of the offer given to the Competition Protection and Anti-Monopoly Committee established under Law No. 19 of 2006 on the Protection of Competition and the Prevention of Monopolistic Practices.In case of an acquisition, the application must also include:<\/li>\n<li>a statement of the minimum and maximum number and percentage of the offeree\u2019s shares to be acquired;<\/li>\n<li>\u00a0the price offered by the offeror; and<\/li>\n<li>if the acquisition of the offeree\u2019s shares is to be paid for wholly or partially in cash, a bank guarantee issued by a bank operating in the State guaranteeing the capability of the offeror to do so.<\/li>\n<\/ul>\n<p>In the case of a merger, the application must also include a report evaluating the offeree company\u2019s assets issued by a financial evaluator in accordance with Rule 16.4.2 of the 2025 Rules.<\/p>\n<p>The offer itself must contain extensive information including the offer\u2019s purpose, advantages and disadvantages, financing details, conditions, shareholding details, effect on future profits, and statements on legal obligations and future investment plans.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What formalities are required in order to document a transfer of shares, including any local transfer taxes or duties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>If the transfer is of shares of a listed company, the same must be registered on the exchange and the company\u2019s own register. Generally, if a company is not listed and is registered under MOCI, then Capital gains tax maybe applicable on the transfer of shares from non-Qataris. The transfer must be approved by the General Tax Authority, Ministry of Commerce and Industry, Department of Labour and a transfer document needs to be authenticated at the Ministry of Justice.<\/p>\n<p>Under the 2025 Rules, following the merger, a certificate has to be given to the acquirer proving that the assets owed to him have been transferred.<\/p>\n<p>Further, under Article 174 of the QCB Law a merged financial institution is exempted from all the fees of registration, documentation and notarisation with the various competent authorities.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are hostile acquisitions a common feature?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>No.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What protections do directors of a target company have against a hostile approach?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The QFMA requirements make no provision of protections directors have against hostile takeovers. However, the QFMA requirements are all based on the fact that a takeover\/merger are consent based. For example, the 2025 Rules contemplate a merger agreement being entered into. Also, many requirements (such as the requirement to have a valuation) cannot be carried out if the target company does not co-operate.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there circumstances where a buyer may have to make a mandatory or compulsory offer for a target company?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Mandatory offer rules generally do not apply to private companies (e.g., WLLs or private Qatari shareholding companies). They apply primarily to publicly listed companies subject to the QFMA regulatory regime.<\/p>\n<p><strong>Threshold Requirements<\/strong><\/p>\n<p>Under the 2025 Rules mandatory offers are triggered at the following ownership thresholds:<\/p>\n<ul>\n<li>Main Market for Shares: A person who enters into a transaction resulting in ownership of 75% or more of a company\u2019s share capital must notify QFMA and submit a mandatory offer to purchase the remaining shares.<\/li>\n<li>Secondary Market for Shares: A person who enters into a transaction resulting in ownership of 90% or more of a company\u2019s share capital must notify QFMA and submit a mandatory offer to purchase the remaining shares.<\/li>\n<\/ul>\n<p><strong>Procedural Requirements<\/strong><\/p>\n<ul>\n<li>The person must notify QFMA as soon as reasonably practicable.<\/li>\n<li>The mandatory offer must be submitted in accordance with Part 16 (as if it were an acquisition offer) and must be submitted within 30 business days from the completion of the transaction or arrangement.<\/li>\n<li>As noted above, if the offeror submitted a mandatory offer for the same listed company within the one-year period ending on the day of completion of the transaction, the price per share in the mandatory offer must not be less than the highest price per share offered in any previous offer during that period.<\/li>\n<li>As noted above, a mandatory offer cannot be conditional on the offeror acquiring all remaining shares of the company (unless Rule 17.3.2 applies). This means the offeror must proceed with purchasing shares from any shareholder who accepts the offer after the closing date.<\/li>\n<\/ul>\n<p>A person who has submitted a mandatory offer is not required to submit another offer unless required under Rule 17.3.4 (the 90% additional mandatory offer rule).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">If an acquirer does not obtain full control of a target company, what rights do minority shareholders enjoy?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under the 2025 Rules, if a shareholder acquires 90% or more of the capital or voting rights in a company; minority shareholders who own 3% or less in a company have the right to send a request to the authority to compel the majority shareholder to buy their shares.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is a mechanism available to compulsorily acquire minority stakes?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The applicable regime does not provide acquirers with squeeze out options in relation to minority shareholders. However, as explained above, there are mechanisms prescribed for the protection of minority shareholders, such as by way of requiring the acquirer (once the stipulated threshold of ownership is crossed) to make compulsory offer to the minority stakeholders.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">3596<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/135478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=135478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}