In 2021, we assisted TIG Advisors LLC in its communication and investment strategies in relation to the takeover defenses adopted by Suez following Veolia’s hostile takeover bid.

We advised TIG on the procedural, corporate, financial and competition law aspects of the transaction and analyzed the impact of these issues on its chances of success. We also considered the different strategies that investors and boards of directors of both companies could implement to promote the success or cause the failure of the deal. This advisory work for TIG was complemented by numerous discussions with investment fund managers involved in the deal to discuss relevant legal issues.

This case involved a number of complex issues relating to the regulation of takeover bids, and in particular anti-takeover defenses. It led to several interventions by the Autorité des Marchés Financiers, clarifying a number of regulatory aspects applicable to takeover bids and reiterating the need to comply with the guiding principles, thereby contributing to the Autorité’s doctrine and the market’s understanding of its approach to takeover bids.