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ARTICLE · 13 AUGUST 2018

Bloc Notes Boursier

Mayer Brown
Mayer Brown
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Le dernier projet loi Pacte (loi relative à la croissance et la transformation des entreprises) prévoit d'abaisser de 95% à 90% le seuil du retrait obligatoire.

FranceCorporate/Commercial Law
Arnaud Pérès
Arnaud Pérès
Jean-François Louit
Jean-François Louit
Caroline Lan
Caroline Lan
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Le dernier projet loi Pacte (loi relative à la croissance et la transformation des entreprises) prévoit d'abaisser de 95% à 90% le seuil du retrait obligatoire. Il sera donc plus facile pour l'actionnaire majoritaire, à l'issue d'une offre publique (OPA ou offre de retrait), d'exproprier les minoritaires et procéder au retrait de la cote.

Le gouvernement suit la même logique que sa réforme du droit du travail : simplifier la rupture du contrat pour lever les freins à l'embauche, et faciliter le retrait de cote pour encourager les société à s'introduire en bourse et accéder aux marchés financiers.

Différentes modalités techniques d'abaissement de ce seuil ont été envisagées par l'AMF. C'est finalement la formule la plus simple qui a été retenue : un seuil de 90% du capital et des droits de vote applicable à toutes les situations, sans distinguer selon que l'initiateur détenait ou non le contrôle préalable.

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