Ethix

TAKEOVERS

• THE SITUATION

When a bidder makes an offer for a company listed in the Stock Exchange index, the change of shareholders may have major economic and social consequences.  The French Labour Code (L2323-21 article) allows the Work’s Council to meet the President of the bidder company being assisted by a Chartered Accountant.

• THE PROCEDURE 

The Naming procedure of ETHIX is the same as the one for Annual statement of accounts.

• ETHIX EXPERTISE

Pioneer in this field (Takeover by Caisse d’Epargne on Crédit Foncier in France), ETHIX has built a specific expertise to work on these issues (Takeover by Crédit Agricole on Crédit Lyonnais,…), and can bring a real know-how.

Other situations : merging, implementation of new organization, IT change

Even if the law doesn’t particularly provide for the help of a Chartered Accountant with wide investigating powers and charged to the company, it remains possible. 

In this case, and more and more, the Board accept to pay for external advisors when major changes are planned: implementation of new organization, merging, IPO (initial public offering), new benefit share system, …
In those situations, the assistance of an Expert must help the Work’s Council to play its economical role inside the process of consultation : the advice on the Board’s project has to be given with full knowledge of the facts.

Sometimes, according to the type of changes in process (IT, moves, for instance) a collective action may be necessary, including various authorities such Committee of Health, Security and Labour Conditions, CHSLC (Please read more in Other fields of expertise section).  

In this area, ETHIX has built a strong know-how too. 

Outside the legal framework, the procedure to be processed must be studied between the Staff Representatives and ETHIX to tailor each situation. In particular, you will have to obtain from your Board, similar conditions as those provided for legal work of a Chartered Accountant of a Work’s Council.