Chronique public M&A – Offres publiques 2024

Written by Didier Martin, Benjamin Kanovitch, Florence Haas, and Myriam Epelbaum

Published in the Revue trimestrielle de droit Financier

This eighteenth edition provides an opportunity to revisit the April/CVC Capital Partners case, in which the recent decision by the Council of State offers further illustration of the concept of concerted action (I).

We will then move on to the Électricité et Eaux de Madagascar case—or rather, cases—in which two decisions have clarified the conditions for granting a stay of execution.

We will then move on to the Électricité et Eaux de Madagascar case—or rather cases—in which two decisions clarified the conditions for granting a stay of execution in the event of an obligation to file a public offer, as well as the criteria for characterizing concerted action (II).

We will conclude with an analysis of several disputes already mentioned in our previous columns, which saw new developments in 2024: the Elliott/Dentressangle (III) and Baccarat (IV) cases, examined in light of recent developments.

The ongoing litigation involving Vivendi SE and its shareholder Bolloré SE, which is at the center of important issues, will be examined separately in a future column, as the expected decisions clarify the details.