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Article L233-4 of the French Commercial code

Any shareholding of even less than 10% held by a controlled company is considered to be held indirectly by the company controlling that company.

Original in French 🇫🇷
Article L233-4

Toute participation au capital même inférieure à 10 % détenue par une société contrôlée est considérée comme détenue indirectement par la société qui contrôle cette société.

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