해외 M&A의 ë²•ì  ìŸì  - Sullivan & Cromwell

2.3 Labor Law Issues
continued
There is no obligation for French companies – other than state
owned – to appoint employee representatives at the board
However, the company‟s employee representatives (IRPs) must be
consulted with prior to any change in the economic or legal
structure of the company, such as:
- when the company acquires or sells a subsidiary, or
- when the company is sold
The information and consultation process must be completed
before definitive decisions or binding commitments are made with
respect to the transaction
- The purpose for the consultation process is to allow the IRPs to express their
views on the transaction at a time when they can still be considered by the parties
- As a result, this obligation to consult cannot be dealt with by including a condition
precedent in the binding agreement
78