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

2.4 Public Companies
b) Disclosure of Interests and Intentions
continued
Disclosure of interests
- Any person who sees its interest in the capital or voting rights of a French public
company exceed, or fall below, the following thresholds:
5%, 10%, 15%, 20%, 25%, 30%, 33.33%, 50%, 66.66%, 90%, 95%
…is required to notify the company and the AMF within 4 trading days
- This obligation must be complied with even if the shares in question are listed on a
European market other than a French market
- The company may have to be notified at thresholds as low as 0.5%
- The definition of ―interest‖ is broad and include in particular concert parties‘ shares, call
options and cash settled derivatives
Disclosure of intentions
- Upon crossing (upwards) the 10%, 15%, 20% or 25% thresholds, the investor must
publicly declare its intentions vis-à-vis the issuer for the next six months, as well as
disclose the sources of financing it has used for the acquisition
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