FRANCE: Ministry Approval of Amendments to AMF General Regulation on France Takeover Rules

Monday July 16 2012

The amendments proposed by the AMF to Book II of its General Regulation regarding France takeover bids have been approved by the Minister of Economy and Finance. Changes in Book II of the General Regulation on France takeover bids are:

– Extension of the suspensive condition relating to the examination of European and US competition authorities to any antitrust clearance procedure of another State;

– Authorisation, under certain conditions, for the initiator of an offer funded in whole or part by exchange of securities, the continued implementation of a share repurchase program during the periods of offer and pre-offer;

– Introduce the MTFs organized (Alternext) two cases of exemptions from additional mandatory filing of a public offer;

– Extension of the application of the rules of voluntary takeover bids for companies listed on the above markets, provided that NYSE Euronext has asked officially the AMF to implement all of its general regulations on tender offers for companies listed on Alternext.

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