Merger & Acquisition process in Indonesia has been conducted based on several regulations, depending on the sector in which the target company is engaged. Any change of shareholding composition resulting from either a merger or acquisition must be approved or acknowledged by the Indonesian Ministry of Law and Human Rights. The ministry is the department that oversees all limited liability companies, no matter the sector, non-public or public alike.
In case a foreign company wishes to acquire shares in an Indonesian company, generally, for most industries, an approval…