FRANCE: AMF publishes feedback to consultation on France takeovers

Tuesday April 24 2012

In a press release, the AMF has published a summary of the feedback received on its public consultation on France takeover bids.

The AMF has amended its proposals in line with feedback received as below:

– with respect to the derogation of the obligation of registering a public offer project when exceeding the 50% thresholds of the share capital or rights to vote on the Alternext market, the derogation will apply to the exceeding of those 50% thresholds resulting from

(i) “the subscription exercise to a reserved share capital increase, requiring the Shareholders` General Meeting approval” and,

(ii) “the exercise of shares attribution rights attached to securities allowing access to share capital when the reserved issue of those securities has obtained the prior Shareholders` General Meeting approval”;

– with respect to the condition precedent relating to the control procedures of concentrations, the AMF decided “to extend to the control procedures of concentrations resulting from States other than France, European Union and United Stated of America the offeror’s ability to add to its offer an antitrust condition precedent as provided in article 231-11, subject to the fact that the procedure period must be compatible with a ten weeks period starting from the opening of the public offer, except in the event the AMF decides the offer timing is to be extended”.

The amended proposal has been submitted to the Minister of Economy, Finances and Industry for approval.

The feedback statement is only available in French.

Click on the above link for more details.