By Raphaël MORENON
6 June 2025
Long 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...
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