The Act dated 24 February 2014 introduced, in line with what had been advocated by the AMF (Financial Markets Authority), a sunset clause (automatic minimum acceptance threshold) for voluntary and mandatory takeover bids. The bidder may not exercise its voting rights attaching to the shares beyond the threshold until it obtains 50% of the share capital and voting rights. The objective is to avoid bidders making very low bids so as to obtain de facto control.

This legislation has also changed the “speeding rules”: a shareholder holding more than 30% and less than 50% of the share capital of a listed company can still increase this holding without having to launch a bid, by a maximum annual percentage of 1% instead of the previous 2%.