Legal analysis: M&A includes two meanings and two ways: merger and acquisition. It is customary to use M & amp； together internationally, collectively referred to as M&; A, this is called merger and acquisition in our country. That is to say, M&A between enterprises is an act of obtaining the property rights of other legal persons in a certain economic way on the basis of equality, voluntariness and equal compensation, and it is a main form of enterprise capital management. Merger and acquisition of enterprises mainly includes three forms: company merger, asset acquisition and equity acquisition. Business combination refers to a transaction or event in which two or more independent enterprises merge to form a reporting entity. Business combination is divided into business combination under the same control and business combination under different controls. Through merger, the property of several enterprises before the merger becomes the property of one enterprise, and several legal persons become one legal person. Enterprise merger is the basic form of capital concentration and then market concentration. In Japan and European and American countries, as long as the merger does not bring monopoly disadvantages, it is considered reasonable, even encouraged by government policies, but it may lead to monopoly enterprise merger will be interfered by anti-monopoly policies.
Legal basis: Article 67 of the Civil Law of People's Republic of China (PRC), if a legal person is merged, its rights and obligations shall be enjoyed and assumed by the merged legal person. Where a legal person is divided, its rights and obligations shall be jointly claimed by the divided legal person, unless otherwise agreed by the creditor and the debtor.