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The essence of an M&A transaction lies in purchase by an investor of shares in a specific, already existing business so that he can realize an anticipated profit and so that the current owners can make a profitable exit. At the same time, transactions which have as their object organised, functional business entities are fraught with an immanent risk which the investor should seek to minimise (Aldona Pietrzak is a partner at GESSEL, heading the firm’s company law department).