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

2.4 Public Companies
a) Access to information
continued
French law prohibits the use of inside information relating to
securities listed in France, through either:
- improper communication of such information, or
- dealing on the securities in question while in possession of such information
An inside information is an information which is:
- confidential,
- precise, and
- price-sensitive
However, the doctrine of the AMF encourages investors interested
in the acquisition of a significant stake in a company which shares
are listed in France, to undertake due diligence – thus potentially
accessing inside information – particularly when the transaction
consists in a capital raising (as opposed to the sale of existing
shares by an existing shareholder)
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