Article 10 Informations complémentaires pour les participations qualifiées de plus de 20 % et jusqu’à 50 %

Article 10 sits in the middle of a tiered disclosure framework, sitting above Article 9 (which covers holdings up to 20%) and below Article 11 (which covers majority acquisitions above 50%).

It applies to proposed acquirers who would hold between more than 20% and up to 50% of a target entity, and it requires them to submit a more detailed strategy document to the competent authority than what is required at the lower threshold.

Notably, this article explicitly builds on both Article 9 — requiring all information from that article to be included — and Article 11, referencing its strategic content requirements as a template, albeit applied here with a degree of detail proportionate to the level of influence being acquired.

The article also closes a potential gap by extending these same obligations to lower-threshold acquirers from Article 9 whose actual influence over the target entity is assessed as equivalent to that of a 20–50% holding.

Important points:

• Submit a strategy document to the competent authority covering the acquirer's intended influence over the target entity's financial position, dividend policy, strategic development, and resource allocation.
• This article stacks on top of Article 9, meaning all information required at the lower threshold must also be included in the submission.
• Even acquirers below the 20% threshold must comply with these requirements if their actual influence over the target entity is assessed as equivalent to a holding of more than 20% and up to 50%.