going private transactions in going private transactions in france

6° Sh Share buy-backs:
b b k
Automatic “relution” of controlling shareholders.
Possibility severely constrained by company law and securities regulation:
Company law (2 nd EU Directive): consent of the general meeting of
shareholders; limit of 10%;
Securities regulation (Market Abuse Directive): closed windows (insider trading);
limits in terms of daily volumes and prices (on or off-market) (market
manipulation).
2) Problems related to securities giving access to capital and stock
options: opt o s
With respect to securities giving access to capital:
Until 2006, such securities were squeeze-out resistant:
Only solution: to get a unanimous waiver of their rights of access from their holders
(Marionnaud case).
2006 reform: possible inclusion in the squeeze-out, up to a maximum total of 5%.
No similar provision for stock-options.
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