Tuesday July 8 2014

News Source: Global Disclosures

Focus: Takeover and Acquisition

Type: General

Country: France




The AMF has published amendments to its General Regulation in relation to France takeovers.

The measures implement the changes introduced to the Monetary and Financial Code which entered into effect on 1 July.

The changes concern the following:

  • A “sunset clause” introducing an automatic minimum acceptance threshold of 50% for both voluntary and mandatory takeover bids.
  • Amendments to the “speeding” rules – natural or legal persons, acting alone or in concert, who directly or indirectly hold between 30% and one-half of the total number of equity securities or voting rights of a company who, within a period of less than twelve consecutive months, increase such holding by at least 1% of the company`s total equity securities or voting rights will be required to launch a bid.

Click on the above link for the revisions to the General Regulation.