Changes to French takeover rules
A new French law, the ‘Law to recapture the real economy’ (‘Loi visant à reconquérir l’économie réelle’ or ‘Loi Florange’), was made on 1 April 2014.
The law makes good a promise, made by François Hollande in his 2012 presidential election campaign, to require companies employing more than 1,000 people in France or/and Europe and considering closing plants deemed still economically viable to make best efforts to seek a buyer before the planned closure.
This e-alert, however, focuses on another set of amendments made by the law, which, although perhaps less symbolic than the new ‘best efforts to seek a possible buyer’ obligation, have significant consequences for takeovers and company law in France….
Click on the link below to read the Allen & Overy briefing.
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