TITLE I: GENERAL PROVISIONS

Pursuant to 8° bis of article L. 4211-1, a region may participate in the capital of a commercial company under the conditions defined in this section.

The company being acquired has all or part of its business in the region.

The amount of any equity holding acquired by a region in any one company may not exceed 1% of the actual operating revenue of that region as recorded in its latest available management account.

The total amount of shareholdings held by a region in the capital of commercial companies does not represent more than 5% of its actual operating revenue as recorded in its last available management account. Shareholdings held by the region, prior to the publication of Decree no. 2016-807 relating to the conditions for the acquisition of shareholdings in the capital of commercial companies by regional councils, on the basis of an…

The acquisition of a holding decided by the Regional Council may not have the effect of: – either increasing the share held by one or more regions in the capital of a commercial company to more than 33%; – or increasing the share of capital held, directly or indirectly, by public persons to more than 50%.

The Regional Council decides on the acquisition of a stake in the capital of a commercial company on the basis of a report drawn up by one or more experts chosen from persons offering every guarantee of independence, good repute, competence in the valuation of companies and company shares and knowledge of the business sector concerned and the local market. This report includes in particular: 1° An analysis of the…

Prior to its deliberation, the regional council shall refer the matter to the Commission des participations et des transferts provided for in Article 25 of Ordinance no. 2014-948 of 20 August 2014 relating to the governance and capital transactions of companies with public shareholdings if one of the following conditions is met: 1° The company in which the equity investment is contemplated has sales of more than seventy-five million euros…

The Regional Council decides on any sale of shares in a commercial company that it holds in the light of a report drawn up, at the time of the sale, by one or more experts chosen from persons offering every guarantee of independence, good repute, competence in the valuation of companies and company shares and knowledge of the business sector concerned and the local market. This report includes in particular:…