Mergers and acquisitions

Full reference: Gallois, J., Responsabilité pénale de la société absorbante pour des faits commis par la société absorbée (Criminal liability of the acquiring company for acts committed by the absorbed company), Dalloz Actualités, 10th of December 2020 Read the article (in French) Read the decision of the Cour de Cassation commented in this article

Full reference: Cour de Cassation, Chambre criminelle, 25th of November 2020 (18-86.955), Decision n°2333, société Iron mountain France SAS Read the decision (in French) Read the press release from the Cour de Cassation (in French) ​Read the explication note from the Cour de Cassation (in French) Read Julie Gallois' comment   Summary of the decision In this decision constituting a case law reversal, the Chambre criminelle of the Cour de Cassation decides that the firm which absorbs the one to which are imputable facts which can receive a penal qualification leading to penalties of fines has the aptitude to answer penally. The decision precises that this reversal is applicable only to future cases, to respect the principle of predicability, except if this merging was operated only to escape from criminal responsibility of moral persons.  This case is an example of the use of Criminal Liability Law as an incentive.     

Full reference: CEDH, 24th of October 2019, Carrefour France v. France, n°21488/14 Read the decision (in French) Read the press release (in French)   Summary of the decision In this decision, the ECHR convicts Carrefour France to a civil fine for practices restricting competition committed by the company Carrefour hypermarkets France, dissolved and absorbed by its sole shareholder Carrefour France after the facts.  

Full reference: Com, 28th of February 2006, Etablissement français du sang, n°05-12.138 Read the decision (in French)   Summary of the decision In this judgment, the judge condemns the Etablissement français du sang (French blood establishment – ESF) for an abuse of a dominant position committed by the company Reims Bio, whose activities were subsequently recovered by ESF after its financial liquidation

Full reference: Conseil d'État, 22nd of November 2000, Société Crédit Agricole Indosuez Cheuvreux, n° 207697 Read the decision (in French) Read the analysis of the decision by the Conseil d'État   Summary of the decision In this judgment, the Conseil d'État condemns the company Crédit Agricole Indosuez Cheuvreux for a breach of its professional obligations committed by a negotiator at the arbitration table of the company Dynabourse, subsequently absorbed by the company Crédit Agricole Indosuez Cheuvreux.