By Raphaël MORENON
6 June 2025
Proving 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 had to devise a means of revealing implicit agreements. This is the background to the legal presumptions of concerted action, codified in Article L. 233-10, II of the French Commercial Code. Far from being a mere technical detail, this mechanism is a cornerstone of stock market and company law, with potentially far-reaching consequences for those concerned. The principle of presumptions of agreement under Article L. 233-10, II of the French Commercial Code Rather than leaving the market authorities or judges with the difficulty of having to prove a secret agreement, the law has chosen...
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