[Last updated: 1 January 2025, unless otherwise noted]

In 2023 (last available data) there were 23 public takeover bids in France compared to 32 in 2022 and 43 in 2021. The total value of shares acquired in takeover bids fell from €15.6 billion in 2022 to €9.5 billion in 2023. Almost all of the public takeover bids were negotiated transactions in 2023.

The rules hereinafter described are those applicable on Euronext Paris which is the main trading venue of the Paris market place and qualifies as a regulated market within the meaning of the Directive 2014/65/EU of the European Parliament and Council of 15 May 2014 on markets in financial instruments ("MIFID II"). Rules applicable with respect to takeover bids for companies listed on other French trading venues, such as Euronext Growth for small and medium companies, differ in several respects from the rules hereinafter described.