Mergers & Acquisitions 2024

What are the key rules/laws relevant to M&A and who are the key regulatory authorities?

M&A transactions in France are subject to a number of laws and regulations, primarily corporate law (Code de commerce), civil law (Code civil), tax law (Code général des impôts), labor law with respect to employees and works councils (Code du travail), foreign direct and indirect investment laws and regulations, as well as merger control laws and regulations. Targets in certain industries are also subject to additional sector-specific rules and regulations. Publicly traded companies are subject to additional securities, prospectus and tender offer rules, both at the French and EU levels.

As regards merger control, the French Competition Authority (Autorité de la concurrence) must be notified when all of the three following conditions are met: