DOC-2015-05 Significant Asset Disposals and Acquisitions

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I - Issuers and Financial Information
I. 5 - Financial Operations
I. 5.5. Disposal and Acquisition of Significant Assets
Doctrine
Information and Financial Operations

Significant Asset Disposals and Acquisitions

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Applicable as of June 17, 2015
Position - Recommendation DOC-2015-05

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Summary
The position-recommendation DOC-2015-05 on significant asset disposals and acquisitions is published following the work of the group, created in May 2014, at the request of the AMF Board of Directors. The AMF recommends that listed companies consult their general meeting prior to the disposal of at least 50% of its assets, this threshold being assessed based on the achievement of several criteria. The AMF also establishes measures aimed at strengthening market information and promoting best practices demonstrating, in particular, the conformity of an operation with the social interest of the concerned issuer. These latter provisions are extended to significant acquisition operations.

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Reference texts

Article 223-2 of the AMF General Regulations

Article 236-6 of the AMF General Regulations

Report on significant asset disposals and acquisitions by listed companies

Summary of responses to the public consultation on proposals relating to the framework for significant asset disposals Keywords

Governance
Legal notices:
Publisher: The Director of the AMF Communication Department. Contact: Communication Department, Autorité des marchés financiers - 17, place de la Bourse - 75082 Paris Cedex 02