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Bloc Notes Boursier

March 2016

Editorial : An interview with Philippe Audouin, Eurazeo’s CFO
How come the French issuers publish bigger annual reports than the British or American ones? Which improvements can be made in this regard? 
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The deal : NextRadioTV and Altice announce a strategic partnership
The joint company created between Mr. Alain Weil (51%) and Altice (49%) has just succeeeded in the takeover bid of NextRadioTv, the company owning BFM and RMC.
Following this transaction, for a total amount of 605 million euros (37 euros per share), the initiator hold over 95% of the share capital and voting rights of the target, and has thus been able to proceed to a compulsory buyout on all the NextRadioTv shares not tendered in the offer.
The compulsory buyout took place on 8 February 2016. 

Takeover bids filed with the French Authority Market in 2015
In 2015, 31 takeover bids have been filed with the French Market Authority (AMF). This constitutes the fourth declining year since 2011, during which 54 takeover bids had been filed.
This decrease can be explained by the rate volatility in 2015 according to Les Echos.
However, the global valuation of the companies targeted by the takeover bids amounts to 58 billion euros, that being four times bigger than in 2014.
This progression is due to these three companies (Lafarge, Alstom and Alcatel) valuated at over 10 billion euros, representing 90% of the capital acquired in 2015.

New recommendations of the proxy advisors
A summary of the ISS, Proxinvest and AFG’s guidelines.
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Towards a more rigorous supervision of executive compensation
Despite the pension regulation under the Macron law on August 6, 2015, the review of the AFEP-MEDEF governance code among others, the supervision of executive compensation in listed companies is still making the news. 
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Transparency – Significant holdings
The December 3, 2015 ruling is the last step of the provisions for the revised directive on transparency. 
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The Florange Act and automatic attribution of double voting rights – New transitional arrangements
The new double voting right will be applied for the first time in April 2016.
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Market abuse – whistleblowing – protection of the whistleblowers
An enforcement directive with regard to the market abuse regulation, provides new definitions. 
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AMF recommendations for 2015 financial statements
The AMF has published its annual recommendation for financial statements (DOC-2015-08). The main focus for 2015 were non applicable IFRS standards, volatility and working capital requirements. 
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Publication of results – the AMF’s new position
The AMF has simplified and reviewed its position regarding the listed companies’ financial communication by merging recommendations 2010-17 and 2011-18 into the 2015-11 recommendation. 
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Alternative performance indicators – the AMF’s new position
The AMF includes the ESMA’s positioning regarding the alternative performance indicators in the DOC-2015-12 position (applicable as from 3 July 2016) which replaces the position-recommendation DOC-2010-11. 
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Vote – Code of ethics
In 2013, the ESMA had suggested a code of ethics for proxy advisors aiming at more transparency regarding their practices towards the investors.
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Chairman’s report : Summary of public consultations
The AMF has approved the working group’s proposal n° 1 aiming a discarding the part of the appended chairman’s report as per articles L. 225-37 and L. 225-68 of the Commercial code.
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Market abuse : ESMA’s consultation on 28 January 2016
In this consultation, the ESMA invites the investors to comment its recommendations on the possesion of insider information by the recipients of the market surveys and the legitimate interest of an issuer to postpone the publication of an insider information. 
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Draft regulation to replace the Prospectus Directive 2003/71/CE
The European Commission has published a proposal for an EU regulation to replace the Directive Prospectus 2003/71/CE. The goal is to modernise the rules regarding prospectus to make it easier for companies to raise capital and simplify information for investors.
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Equity line or step-up equity financing : Information provided to the market in the event of equity lines or step-up equity financing
The AMF has updated its position-recommendation°2012-18 with regard to the information provided to the market in the event of equity lines or step-up equity financing.
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MEDEF’s educational guide on draft resolutions
The MEDEF has published the second version of its guide on draft resolutions submitted to the vote of shareholders in listed companies, namely by including the provisions of the Florange Act with regard to the withdrawal of the principle of neutrality for the counsel in the event of takeover bids.
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Gender Parity Report
In order to ensure law enforcement by 2017, the HCEfh (High Council for Equality between Women and Men) and the CSEP (Council for workplace equality) worked together on 13 recommendations published in the report.
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Significant holdings - ESMA
On October 22, 2015, ESMA has published an indicative list of financial instruments that are subject to notification requirements according to Article 13(1b) of the revised Transparency Directive.
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  • Arnaud Pérès
    T +33 1 53 53 18 64
  • Jean-François Louit
    T +33 1 53 53 43 43
  • Caroline Lan
    T +33 1 53 53 36 46

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