The French Council of State confirms the clearance of a merger in the audit and accounting services sector and clarifies the legal test for collective dominance (Deloitte / JMF)

Background This case arose out of the clearance granted by the French Minister of the Economy ("Minister") for the acquisition by Deloitte of Janny Marque Futur ("JMF"), the holding company of BDO Marque et Gendrot ("BDO") [1]. Through this transaction, Deloitte, one of the "Big Four", acquired sole control of JMF and, indirectly, sole control of BDO. Appeal against the Minister's clearance decision Under French law, a decision of the Minister authorising a merger can be appealed before the highest administrative court, the Conseil d'État ("Council of State"), either by the parties to the transaction or affected third parties. In the present case, the appeal was lodged by a third party, Fiducial Audit & Fiducial Expertise ("appellant"). It should be noted that, in principle,

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Auteurs

  • Dechert (Paris)
  • Herbert Smith Freehills (Paris)

Citation

Romain Maulin, Sergio Sorinas, The French Council of State confirms the clearance of a merger in the audit and accounting services sector and clarifies the legal test for collective dominance (Deloitte / JMF), 31 juillet 2009, e-Competitions July 2009, Art. N° 32052

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