Introduction

Most of the principles stated in the Takeover Directive were already well developed in France before its implementation into national law (such as the principles relating to a mandatory takeover bid, a buy-out or a squeezeout). Thus, the introduction of the Takeover Directive into French law has not had a deep impact on the general framework for a takeover bid in France.

The Takeover Directive was implemented in France by Law no. 2005–842 dated 26 July 2005 (or Loi Breton), by Law no. 2006–387 dated 31 March 2006 relating to takeover bids and by the arrêté dated 18 September 2006 modifying the General Regulation (réglement général) of the Autorité des Marchés Financiers (‘AMF’), which is the authority that regulates French financial markets and is competent in France to supervise takeover bids. Moreover, in the context of the implementation of the Takeover Directive, the AMF has issued or modified several of its own regulations.

The new regime for takeover bids has been fully applicable in France since October 2006.

Scope

French rules on takeover bids mainly stem from:

1. (i) the Takeover Directive;

2. (ii) Articles L. 433–1 to L. 433–4 of the French Code monétaire et financier, which draw the general framework for takeover bids, the detailed conditions being set out in the AMF General Regulation;

3. […]