Key Points -
- The number of activist campaigns launched against European companies rose again in 2023, with a new focus on German targets.
- Many activists surveyed believe that France offers them good opportunities.
-...more
2/15/2024
/ Acquisitions ,
Board of Directors ,
Corporate Counsel ,
Corporate Governance ,
EU ,
Foreign Corporations ,
France ,
Germany ,
Mergers ,
Shareholder Activism ,
Shareholders
On 28 December 2023, the French government adopted decree number 2023-1293 (Decree), together with an administrative order of the same date (Order), that expanded the scope of covered investments and covered activities under...more
On 23 December 2022, the French government issued decree number 2022-1622, which extended to 31 December 2023 the interim rule, in effect for two years now, that lowered the threshold that triggers foreign investment review...more
On September 8, 2022, the French Ministry of the Economy’s (MOE) General Treasury Department published its first set of guidelines on French foreign direct investment (FDI) control....more
Le 25 novembre 2020, la Cour de cassation a opéré un revirement de jurisprudence important pour la pratique des affaires, en décidant que la responsabilité pénale d’une société absorbée, de nature à donner lieu à une peine...more
On July 23, 2020, the French government issued decree nº 2020-892 of July 22, 2020 (the Decree), and a ministerial order of the same date (together, the Interim Rules), which lowered the applicable threshold that triggers...more
7/29/2020
/ Coronavirus/COVID-19 ,
Covered Transactions ,
Foreign Acquisitions ,
Foreign Investment ,
France ,
Interim Rule ,
Non-EEA Firms ,
Non-EU Investors ,
Publicly-Traded Companies ,
Temporary Regulations ,
Threshold Requirements ,
Voting Shares
On April 29, 2020, the French Minister of the Economy (the Minister) announced that French foreign investment rules will be adopted with the policy goal of protecting French strategic assets in the context of the COVID-19...more
5/5/2020
/ Acquisitions ,
Artificial Intelligence ,
Biotechnology ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Energy Sector ,
European Economic Area (EEA) ,
Foreign Investment ,
France ,
Innovative Technology ,
Merger Controls ,
Mergers ,
National Security ,
Non-EU Investors ,
Publicly-Traded Companies ,
Threshold Requirements
To mitigate the risks faced by French financial markets during this unprecedented period of disruption caused by the COVID-19 pandemic, the French Financial Markets Authority (AMF) announced on April 15, 2020, that it will...more
On December 31, 2019, the French government issued decree nº 2019-1590 (the 2019 Decree), together with an administrative order of the same date (the Order), that comprehensively reshaped French foreign investment rules (as...more
On March 18, 2020, the French government published a legislative package of emergency measures aimed at tackling the COVID-19 crisis. It includes an Amending Finance Act for 2020 (which includes a state guarantee of up to...more
As COVID-19 continues to spread throughout France, the government has adopted lockdown measures limiting the movement of individuals throughout the country, as well as ordering the temporary closure of certain businesses. The...more
The geopolitical environment continues to drive reform of foreign investment rules in Europe, with government proposals clarifying and tightening such rules in the interest of national security. Recent foreign state-backed...more
1/18/2019
/ Anti-Monopoly ,
CFIUS ,
Critical Infrastructure Sectors ,
EU ,
European Economic Area (EEA) ,
Foreign Acquisitions ,
Foreign Investment ,
France ,
Germany ,
Member State ,
Merger Controls ,
National Security ,
Russia ,
State-Owned Enterprises ,
Strategic Enterprise Laws ,
UK
Despite a year of continued global political uncertainty and increasing enforcement, shareholder activism and foreign investment control activity, the 2018 outlook for Europe is positive overall. Skadden partners in the U.K.,...more
1/26/2018
/ Acquisitions ,
Anti-Corruption ,
Antitrust Injuries ,
BaFin ,
Capital Markets ,
Cartels ,
Competition ,
Criminal Prosecution ,
Cybersecurity ,
Deferred Prosecution Agreements ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Commission ,
Executive Compensation ,
Foreign Investment ,
France ,
Fraud ,
Germany ,
Merger Controls ,
Mergers ,
Minority Shareholders ,
Money Laundering ,
National Security ,
Private Equity ,
Russia ,
Sapin II ,
Securities ,
Serious Fraud Office (SFO) ,
Shareholder Activism ,
Shareholder Votes ,
Takeover Code ,
Trump Administration ,
UK ,
UK Bribery Act ,
UK Criminal Finances Act 2017 ,
Virtual Currency ,
White Collar Crimes
Danny Tricot (London, capital markets): Capital markets in Europe were generally positive in 2017, recovering from a mixed year in 2016. The first half of the year was particularly strong for high-yield issuances in Europe,...more
1/26/2018
/ Capital Markets ,
Capital Markets Union ,
Debt Financing ,
Debt Market ,
Equity Markets ,
EU ,
European Central Bank ,
Financial Conduct Authority (FCA) ,
France ,
High-Yield Markets ,
Initial Public Offering (IPO) ,
Small and Medium-Sized Enterprises (SMEs) ,
UK
Katja Kaulamo (Frankfurt, capital markets): With structural and political change in Europe in 2017, the European capital markets industry was left in a state of uncertainty pending the final outcome of the Brexit...more
1/26/2018
/ Acquisitions ,
Capital Markets ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Foreign Investment ,
France ,
Germany ,
Mergers ,
Multinationals ,
Private Equity ,
UK ,
UK Brexit
Skadden attorneys James A. McDonald, Elizabeth Robertson and Robert W. Stirling in London; Pascal Bine and Olivier Diaz in Paris; and Matthias Horbach and Stephan Hutter in Frankfurt provide insights on the developments...more
2/1/2017
/ Acquisitions ,
Bank Recovery and Resolution Directive (BRRD) ,
Capital Markets ,
China ,
Cross-Border Transactions ,
Customs Unions ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
EU ,
EU Single Market ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
France ,
Germany ,
Global Economy ,
Global Market ,
Mergers ,
Passporting ,
Presidential Elections ,
Sapin II ,
Serious Fraud Office (SFO) ,
Trade Agreements ,
Trump Administration ,
UK ,
UK Brexit ,
UK Bribery Act
A new French law titled “Transparency, the Fight Against Corruption and Modernization of the Economy,” which was published in the French Official Journal on December 10, 2016 (known as Sapin II, as it was named after the...more
12/21/2016
/ Anti-Corruption ,
Bribery ,
Code of Conduct ,
Compliance ,
Data Protection Authority ,
Deferred Prosecution Agreements ,
France ,
Remediation ,
Risk Assessment ,
Sanctions ,
Sapin II ,
Transparency ,
Whistleblower Protection Policies
This report offers an overview of the state of activism in Europe, as well as country-specific profiles for the United Kingdom, France, Germany, Italy and Switzerland, including information and commentary on noteworthy...more
10/19/2016
/ Acquisitions ,
Activist Investors ,
Board of Directors ,
Controlling Stockholders ,
EU ,
France ,
Germany ,
Italy ,
Mergers ,
Popular ,
Proxy Contests ,
Say-on-Pay ,
Shareholder Activism ,
Shareholder Rights ,
Switzerland ,
UK ,
Unions ,
Voting Rights