FRANCE: AMF Lower Threshold for Public Takeover Bid

Monday July 1 2019

On 27^th June 2019, the AMF announced that the Decree of 19 June 2019 had been published in the Official Journal on 21^st June 2019. The Decree amends Book II of the AMF General Regulation on takeover bids and squeeze out.

The provisions of the General Regulation are in relation to Article 75 I of Law No. 2019-486 of 22 May 2019 on the growth and transformation of companies (“Pact Act”) which amends in particular Article L. 433-4 of the Monetary and Financial Code. In particular, the amendments to the General Regulation concern the lowering of the trigger level for the public takeover bid (the majority shareholder must hold, alone or in concert, at least 90% of the capital or voting rights). This has been reduced from the initial threshold of 95%.

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