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Getting the Deal Through: Shareholder Activism & Engagement Trends and Developments in France 2018

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Law Business Research Ltd.


The vigorous battle between TCI and Safran about the acquisition of Zodiac by Safran or the French Charity & Investment Merger Arbitrage Fund’s campaign against the cash tender offer of Altice over SFR: shareholder activism campaigns, especially in relation to M&A transactions, have increased over the years in France and are now becoming a permanent and important feature in the French market.

In addition, recent reforms are likely to encourage shareholder activism in France, such as the ‘Sapin law’ dated 9 December 2016, which implemented a mandatory say-on-pay pursuant to which shareholders must vote on the principles determining directors and corporate officers’ compensation and the payment of variable and exceptional compensations to such persons or, the new Directive dated 17 May 2017, which aims to promote long-term investment and transparency between issuers and investors.

For the third edition of Getting the Deal Through: Shareholder Activism & Engagement 2018, Jacques Naquet-Radiguet, Juliette Loget and Stéphane Daniel are pleased to have contributed the chapter on France focusing on the law and regulation that is relevant to shareholder activism and engagement and on recent orientations and developments.

Reproduced with permission from Law Business Research Ltd. For further information on Getting the Deal Through: Shareholder Activism & Engagement 2018, please visit