FRANCE Law and Practice Contributed by: Raphaële Courtier, Sébastien de Monès, Victor Camatta and Jessica Chartier, Bredin Prat
10. Jurisdiction-Specific Features 10.1 Other Acquisition Finance Issues 2024 seems to have been a year of transition, with a real rebound in M&A expected at the ear- liest at the beginning of 2025. While the market is anticipating further easements in European bank rates and inflation (which would facilitate financing) and funds seem ready to invest given the volume of dry powder, some players are not yet convinced. The pressure on French debt and the chronic political instability in France over the last months are likely to continue to worry inves- tors. Adding to this a geopolitical situation that remains tense and the rise of protectionism in key economic regions, especially in the US (fol- lowing Donald Trump coming to power), the first quarter in 2025 will be crucial in setting the trend for 2025, a year full of hopes.
the offer and, as the case may be, refinance the existing debt or working capital facilities of the target company. Squeeze-Out Procedures An offeror can require the minority shareholders to transfer their shares if the shares held by such minority shareholders represent less than 10% of the share capital and voting rights held in the target company, for any takeover of companies listed on Euronext Paris or Euronext Growth. When an offer is filed with the AMF, the offeror must specify whether it intends to implement a squeeze-out procedure if the above-mentioned threshold is reached at the close of the offer. The squeeze-out procedure will have to be imple- mented within three months following the close of the offer. The indemnity paid to the expropriated share- holders must be at least equal to the offer price of the preceding offer and must be in cash.
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