French Labour Code
In forceI. - Before the board of directors or supervisory board issues its reasoned opinion on the merits of the bid and its consequences for the target company, its shareholders and employees, the social and economic committee of the company that is the target of the bid shall be convened and consulted on the proposed bid. During this meeting, it shall examine the report drawn up by the Chartered Accountant pursuant to Article L. 2312-45 and may request the presence of the offeror.
The social and economic committee shall issue its opinion within one month of the filing of the proposed takeover bid. In the absence of an opinion within this timeframe, it is deemed to have been consulted.
The opinion of the social and economic committee and the report of the Chartered Accountant shall be reproduced in the reply memorandum drawn up by the company which is the subject of the bid or, if applicable, in the joint information memorandum drawn up by the bidder and the company which is the subject of the bid.
II. - If the members of the staff delegation of the social and economic committee consider that they do not have sufficient information, they may refer the matter to the President of the Court of First Instance, ruling in the final instance under the accelerated procedure on the merits, for an order requiring the company making the offer and the offeror to provide the missing information.
This referral does not have the effect of extending the period within which the social and economic committee must give its opinion. However, in the event of particular difficulties in gaining access to the information needed to formulate the opinion of the social and economic committee, the court may decide to extend the period provided for in the second paragraph of I, except where such difficulties result from a clear intention to withhold such information on the part of the company that is the subject of the bid.
