Voluntary union of one or several companies to form a single company with a new independent legal personality. If the personality of one of the merged companies is preserved, it is called a merger by absorption. In mergers, tax benefits can be obtained. The final share capital is constituted by the sum of the capital of the different companies that are merged, plus possible merger premiums. A merger can be horizontal (companies in the same sector), upward vertical (with a supplier), downward vertical (with a customer), or conglomerate (unrelated).
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