Concerted action
Concerted action and joint control: applications in common law
By Raphaël MORENON6 June 2025Long associated with the world of the stock market and takeover bids, actions in concert have gradually found their way into ordinary company law. This development, although discreet, is profoundly changing the way we analyse the balance of power within companies, whether listed or not. The key to this transformation lies in the concept of "joint control", which makes it possible to grasp the reality of the power exercised by a group of coordinated shareholders. This mechanism has direct consequences for the obligations and rights of each party, particularly in terms of conflicts of interest. Understanding this extension has become essential for all directors and shareholders. Historically, the general concept of action in concert was developed to meet the specific needs of stock market regulations, mainly to ensure the transparency of shareholdings and to provide a framework for takeover bids. However, a major law...
Concerted action and takeover bids: obligations and strategies during the offer period
Concerted action, Banking and stock exchange lawThe announcement of a takeover bid triggers a period of high tension for the companies concerned, their directors and shareholders. At the heart of these strategic transactions lies a fundamental concept of stock market law: action in concert, which can exist even without a formal agreement. A misinterpretation of its mechanisms...Legal presumptions of concerted action: cases and consequences
Concerted action, Banking and stock exchange lawProving the existence of action in concert is often a tricky business. By its very nature, an agreement between several shareholders to implement a common strategy is rarely formalised by an explicit contract. To thwart creeping takeovers and ensure transparency on the financial markets, the legislator has therefore...Legal definition of concerted action: analysis of article L. 233-10
Concerted action, Banking and stock exchange lawFar from being a mere theoretical concept, acting in concert is a legal and strategic reality at the heart of company and stock market law. It refers to the situation where several individuals or legal entities coordinate their efforts to implement a common strategy with regard to a company. Article L....The origins and development of the concept of action de concert in France
Concerted action, Banking and stock exchange lawConcerted action is a key concept in stock market and company law. Often perceived as complex, it refers to the situation where several people, usually shareholders, coordinate to implement a common strategy with regard to a company. Understanding the origins and development of this concept...Concerted action in French law: understanding its mechanisms and implications
Concerted action, Banking and stock exchange lawConcerted action is a central concept in business law, often perceived as technical and reserved for large-scale financial transactions. It is, however, a mechanism whose purpose and implications extend far beyond the stock markets to reach the very heart of company law. An action in concert...
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