La banque d'un monde qui change 2004 - BNP Paribas

GlossaryOPA (Offre Publique d’Achat)OPE (Offre Publique d’Échange)OPF (Offre à Prix Fixe)OPR (Offre Publique de Retrait)OPRA (Offre Publiquede Rachat d'Actions)OptionOPV (Offre Publique de Vente)ORA (ObligationRemboursable en Actions)P/EPar valuePEA (Plan d’Épargne en Actions)PEE (Plan d’Épargne Entreprise)Pre-emptive subscription rightsPreference sharesPrice guaranteePrimary marketFrench acronym for a public tender offer for cash.French acronym for a public stock-for-stock tender offer.French acronym for a public offering of securities at a set price.French acronym for a compulsory buyout offer (final stage in a squeeze-out).French acronym for an offer to buy out the minority shareholders of a companythat is already largely controlled (first stage in a squeeze-out).Contract giving the buyer the right (but not the obligation), to purchase or sell a securityat a future date, at a price fixed when the option is written (exercise price), in exchangefor a premium paid when the option is purchased. Options to purchase a security areknown as calls and options to sell a security are known as puts.French acronym for a public offering of securities at a set price.French acronym for equity notes, representing bonds redeemable for shares.Price/Earnings ratio. Ratio between the share price and earnings per share. The P/E servesto determine the multiple of earnings per share represented by the share price.The par value of a share is the portion of capital represented by the share.French name for personal equity plans. Savings products designed to promote privateshare ownership, invested in shares of companies that have their headquartersin a European Union country or in units in qualifying unit trusts, revenues and capitalgains are exempt from personal income tax and capital gains tax provided thatthe savings are left in the plan for at least five years. Investments in PEAs are cappedat EUR 120,000 per individual.French name for employee share ownership plans. Payments into the plan and reinvestedinterest are exempt from personal income tax provided that they are left in the planfor at least five years (with early withdrawal allowed in certain specific cases). Surrendergains are also exempt from personal income tax.When a company issues shares for cash, each shareholder has a pre-emptive rightto subscribe for a number of new shares pro rata to the number of shares already held.The right can be traded on the stock market. Companies can ask the General Meetingto cancel shareholders' pre-emptive subscription rights to facilitate certain operationsor allow the company to open up its capital to new investors.Preference shares are shares that pay dividends at a specified rate and have a preferenceover ordinary shares in the payment of dividends and the liquidation of assets. They donot carry voting rights.When a company acquires control of a listed target, it is required to offer the target'sminority shareholders the opportunity to sell their shares at the same price as thatreceived by the sellers of the controlling interest. The offer must remain open for atleast fifteen trading days.Market where newly-issued securities are bought and sold.315BNP PARIBAS - ANNUAL REPORT 2004