Paragraph 1: Public policy

When a takeover bid is made, the employer of the company to which the bid relates and the employer making the bid immediately convene their respective social and economic committees to inform them of the bid. The bidding employer convenes a meeting of the social and economic committee under the conditions set out in Article L. 2312-49. During the meeting of the social and economic committee of the company that…

The hearing of the offeror referred to in the last paragraph of Article L. 2312-42 shall be held within one week of the filing of the draft takeover bid. During the hearing, the bidder may be assisted by persons of his choice. The bidder presents to the social and economic committee its industrial and financial policy, its strategic plans for the company concerned and the repercussions of the implementation of…

Within three days of publication of the offer, the offeror shall send the information memorandum referred to in III of Article L. 621-8 of the Monetary and Financial Code to the social and economic committee to which the offer relates.

The Chartered Accountant appointed pursuant to the last paragraph of Article L. 2312-42 shall draw up a report assessing the industrial and financial policy and the strategic plans that the bidder intends to apply to the company that is the subject of the bid, as well as the repercussions of their implementation on all the interests, employment, sites of activity and location of the decision-making centres of the latter company….

I. – Before the board of directors or supervisory board issues its reasoned opinion on the merits of the bid and its consequences for the target company, its shareholders and employees, the social and economic committee of the company that is the target of the bid shall be convened and consulted on the proposed bid. During this meeting, it shall examine the report drawn up by the Chartered Accountant pursuant…