Article 9 Informations complémentaires pour les participations qualifiées inférieures ou égales à 20 %

Article 9 sits within a tiered framework alongside Articles 10 and 11, each of which applies to progressively larger qualifying holdings.

This particular article applies to the lowest tier: proposed acquisitions resulting in a holding of up to 20%.

At this level, the proposed acquirer is required to submit a strategy document to the competent authority of the target entity.

The document centres on the acquirer's intentions — how long they plan to hold the stake, whether they intend to be an active minority shareholder, and their capacity and willingness to provide financial support to the target entity if needed.

Important points:

• Proposed acquirers targeting a qualifying holding of up to 20% must submit a strategy document to the competent authority of the target entity.
• The strategy document must cover the intended holding period, future shareholding intentions, and the acquirer's role as an active or passive minority shareholder.
• Include information on the acquirer's financial position and readiness to provide additional financing to the target entity if required.