Le blog de Maitre CATHIARD

Les 28 et 29 septembre 2011, l'ESCP Europe, le Centre de Recherche Sorbonne Affaires de l'Université de Paris I Panthéon Sorbonne et l'Institut Européen des Fusions Acquisitions ont organisé un colloque "L'Europe et les opérations transfrontalières de rapprochement et de mobilité des sociétés" qui s'est déroulé à l'ESCP Europe sous la présidence de Michel MENJUCQ, Professeur à l'Université de Paris I Panthéon Sorbonne et de Jean-Pierre BERTREL, Professeur de droit des affaires à ESCP Europe.

Les sujets suivants ont été abordés :

Les opérations transfrontalières de rapprochement et de mobilité à l'épreuve de la diversité des droits nationaux

par Michel MENJUCQ, Professeur à l'Université de Paris I Panthéon Sorbonne - (durée : 41'00)

L'état des opérations de rapprochement et de mobilité réalisées par le recours à la SE

par Catherine CATHIARD, Avocat à la Cour, Jeantet Associés - (durée : 36'20)

Etude comparative des différentes modalités de rapprochement transfrontalier

par Didier MARTIN, Avocat à la Cour, Bredin Prat. - (durée : 29'17)

Les scissions internationales

par Stéphane TORCK, Professeur à l'Université de Paris II Panthéon Assas et Luc ATHLAN, Responsable du département droit des sociétés chez France Telecom, Administrateur et co-animateur de la commission "droit des sociétés, droit financier et boursier, ingénierie financière" de l'AFJE - (durée : 40'14)

Les difficultés pratiques d'ordre juridique et fiscal des opérations de fusions transfrontalières

par Stéphane GELIN et Benoit PROVOST, Avocats, CMS-Bureau Francis Lefebvre - (durée : 34'39)

Le projet de 14ème directive sur les transferts transfrontaliers des sièges sociaux

par Anne OUTIN-ADAM, Directeur du pôle de politique législative et juridique de la CCIP - (durée : 34'24)

Vous pouvez suivre ce colloque en ligne par le lien suivant:

http://www.salondesfusionsacquisitions.com/index.php?item=colloques

La publication de ces travaux interviendra dans le numéro de novembre-décembre des Cahiers de droit de l'entreprise, qui sortira en décembre.

Revue Jurisclasseur DROIT DES SOCIETES août-sept. 2011

Les structures européennes : Principales caractéristiques et Intérêts pour les entreprises

par Catherine Cathiard et Arnaud Lecourt

La perspective d'un Marché unique a amené les décideurs européens à créer des structures européennes en vue de faciliter les échanges et la recherche de partenaires dans d'autres Etats membres de l'espace européen. Trois structures sont aujourd'hui opérationnelles : le groupement européen d'intérêt économique (GEIE), la société européenne (SE) et la société coopérative européenne (SCE). Elles offrent des possibilités de coopérations transfrontalières très pragmatiques. Elles méritent attention en raison des avantages qu'elles offrent.

ASSOCIATION FRANCAISE DES JURISTES d'ENTREPRISE

Commission droit des sociétés

le jeudi 6 octobre 2011 de 8h30 à 10h30

Chers amis,

Les opérations de restructurations transfrontalières sont désormais facilitées par l'existence de textes assurant la faisabilité de ces opérations entre sociétés implantées dans l'espace européen relevant d'Etats membres différents.

Le calendrier de réalisation de telles opérations reste néanmoins complexe du fait de l'harmonisation partielle des règles et la superposition des dispositions nationales.

En France comme en Allemagne, ces textes sont entrés en vigueur et ont été utilisés dans la pratique pour réaliser des fusions transfrontalières.

Nous vous proposons un retour d'expérience.

Afin d'évoquer cette actualité, nous vous invitons,

le jeudi 6 octobre 2011 de 8h30 à 10h30

(accueil à partir de 8 heures)

au 9 rue du Faubourg Poissonnière - 75009 PARIS

http://www.afje.org/content/vous-rendre-au-siege-de-lafje

à venir participer à notre Commission (*) , petit-déjeuner qui portera sur le thème :

Actualité des restructurations transfrontalières : Transformer les contraintes en opportunités

(l'exemple franco-allemand)

Cette Conférence débat, sera animée par :

JEANTETASSOCIES, Paris

* Catherine Cathiard, Avocat Of Counsel, droit des sociétés, restructurations transfrontalières

* Francis Collin, Avocat Associé, droit social français et européen

ARSENE TAXAND, Paris

* Denis Andres, Avocat associé, fiscalité internationale

NOERR, Munich (Allemagne)

* Dr. Philipp Göz, Rechtsanwalt, droit des sociétés, contentieux

* Sabine Klett,LL.M. Rechtsanwältin, droit des sociétés, restructurations transfrontalières

Nous vous remercions de bien vouloir nous confirmer votre participation rapidement (http://www.afje.org/agenda/400) , afin de prévoir le nombre de places suffisant.

Bien amicalement.

Luc Athlan et Jean-Philippe Gille

Co-responsables de la Commission

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Association Française des Juristes d'Entreprise - AFJE

Membre de l'Association Européenne des Juristes d'Entreprise AEJE/ECLA

Siège : 9 rue du Faubourg Poissonnière - 75009 PARIS - Tél. 01 42 61 53 59 - Fax. 01 42 61 01 61

SIRET 431 589 076 00014 - Association régie par la loi du 1er juillet 1901 - Site : www.afje.org

Programme:

Dalloz Formation en partenariat avec la Revue des sociétés vous propose, pour la 10ème édition de faire le point, lors de cette Journée d'Études, sur les évolutions récentes de la réglementation et de la jurisprudence en matière de droit des sociétés et d'envisager les perspectives pour 2012.

Matinée sous la présidence de Nicolas Rontchevsky

Professeur agrégé des Facultés de droit

Université Robert Schuman de Strasbourg

9h00 Introduction par le président de matinée

9h15 Actualité des SA et SAS

par Alexis Constantin, Agrégé des Facultés de droit, Professeur à l'Université de Versailles Saint-Quentin-en-Yvelines

* SA

- Les changements apportés par la loi 2011-525 du 17 mai 2011 de simplification et d'amélioration du droit

- Panorama des décisions essentielles de jurisprudence

* SAS

- L'aménagement contractuel des pouvoirs de direction et de représentation dans la SAS

- Panorama des décisions essentielles de jurisprudence

10h15 Actualité des SARL/EURL et des sociétés civiles

par Thibaut Massart, Professeur à l'Université de Paris Dauphine

* SARL / EURL

- Les impacts de la loi du 17 mai 2011 de simplification et d'amélioration du droit

- Panorama des décisions marquantes

* Sociétés civiles

- Les apports de la loi n° 2011-331 du 28 mars 2011 de modernisation des professions judiciaires ou juridiques et certaines professions réglementées

- Panorama des décisions en matière de retrait de l'associé et d'évaluation des droits sociaux

11h15 Pause

11h30 Actualité des sociétés cotées

Par Frank Martin Laprade, Avocat à la Cour, Jeantet Associés

Professeur associé à l'Université de Paris-Sud (11)

* Les nouveaux droits des actionnaires des sociétés cotées (ordonnance 2010-1511 du 9 décembre 2010 et le décret d'application 2010-1619 du 23 décembre 2010)

* Féminisation des Conseils d'administration et de surveillance (loi 2011-103 du 27 janvier 2011)

* La nouvelle définition de l'action de concert (loi de régulation bancaire et financière du 22 octobre 2010)

* Modifications en matière de droit des offres publiques

* Panorama des décisions essentielles de jurisprudence

12h30 Clôture de la demi journée par le président de matinée

12h45Déjeuner

Après midi sous la présidence de Isabelle Urbain Parléani

Professeur à l'Université René Descartes, Paris V

14h00 Introduction par la présidente de l'après midi

14h15 Responsabilité des dirigeants : actualité jurisprudentielle et législative

par Bruno Dondero, Agrégé des Facultés de droit, Professeur à l'Université de Picardie

* Responsabilité civile

* Abus de biens sociaux

* Délits d'initiés

* Panorama des décisions essentielles de jurisprudence

15h00 Du nouveau sur les pactes d'associés

par Paul Le Cannu, Professeur à l'Université Panthéon-Sorbonne, Paris I

* Les clauses de non concurrence

* Promesses d'achats et de vente d'actions

* Sanctions des pactes

16h00 Pause

16h15 Actualité du droit comptable

Par Jean Louis Navarro, Maitre de conférences, Université Lumière Lyon 2

* Simplification des obligations comptables de certaines sociétés

* Signalement du changement des méthodes comptables

* Simplification des règles d'enregistrement des recettes et des dépenses professionnelles des titulaires de bénéfices non commerciaux

17h15 Actualité du droit européen des sociétés

par Catherine Cathiard, Of Counsel, Jeantet Associés

* Bilan de la pratique des sociétés européennes

* Anticiper les évolutions à venir

18h00 Clôture par la président de l'après midi

La SE ou Societas Europaea Pour une citoyenneté européenne de l'entreprise

(Rapport remis le 19 mars 2007 à Pascal Clément, Garde des Sceaux, ministre de la Justice, par Noëlle Lenoir, ancienne ministre des Affaires européennes, ancien membre du Conseil constitutionnel, avocate à la Cour)

L 294/22 EN Official Journal of the European Communities 10.11.2001

10.11.2001 EN Official Journal of the European Communities L 294/1

L 294/22 FR Journal officiel des Communautés européennes 10.11.2001

(JO L 294 du 10.11.2001, p. 1)

The application of Council Regulation 2157/2001 of 8 October 2001 on the Statute for a European Company (SE)

The European Company Statute ("SE Regulation") was adopted on 8 October 2001 after more than 30 years of negotiations in the Council. It offered the possibility to create a new legal form called a European Company, also referred to as an SE after its Latin name Societas Europaea. The objectives of the SE Regulation, according to its recitals, were to, inter alia, remove obstacles to the creation of groups of companies from different Member States, (...) allow companies with a European dimension to combine, plan and carry out the reorganisation of their business on a Community scale and to transfer their registered office to another Member State while ensuring adequate protection of the interests of minority shareholders and third parties, (...) to ensure as far as possible that the economic unit and the legal unit of business in the Community coincide, (...) permit the creation and management of companies with a European dimension, free from the obstacles arising from the disparity and the limited territorial application of national company law (...) and (...) to allow companies with a European dimension to adapt their organisational structure, and to choose a suitable system of corporate governance ensuring efficient management, proper supervision and the maintaining of the rights of employees to involvement.

The SE Regulation is complemented by Council Directive 2001/86/EC on the involvement of employees in the SE ("SE Directive"). The deadline for adapting national legislation to the European legislation on the SE was set for 8 October 2004, but was met only by 8 Member States. The SE Directive was transposed in all Member States only at the beginning of 2007.

Article 69 of the SE Regulation requires the Commission to present a report on its application including proposals for amendments, where appropriate, five years after the entry into force. To gather the necessary data on the practical application of the SE Statute the European Commission's Directorate General for Internal Market and Services has commissioned an

external study and consulted stakeholders in a public consultation and at a conference.

Application du règlement (CE) n° 2157/2001 du Conseil du 8 octobre 2001 relatif au statut de la société européenne (SE)

Après plus de 30 ans de négociations au sein du Conseil, le statut de la société européenne

(«règlement SE»)1 a été adopté le 8 octobre 2001. Il a permis de créer une nouvelle forme

juridique appelée «société européenne», également désignée par le sigle SE, d'après sa

dénomination latine Societas Europaea.

Conformément à ses considérants, le règlement SE visait, entre autres, à éliminer les entraves au regroupement de sociétés d'États membres différents, (...) à permettre aux sociétés de dimension européenne de concevoir et d'entreprendre la réorganisation, par voie de fusion, de leurs activités au niveau communautaire et de transférer leur siège statutaire dans un autre État membre, tout en veillant à protéger de manière appropriée les intérêts des actionnaires minoritaires et des tiers,

(...) à faire en sorte, dans toute la mesure du possible, que l'unité économique et l'unité juridique de l'entreprise dans la Communauté coïncident, (...) à permettre la création et la gestion de sociétés de dimension européenne en dehors de toute entrave résultant de la disparité et de l'application territoriale limitée du droit national des sociétés (...) et (...) à

permettre aux sociétés de dimension européenne d'adapter leur structure organisationnelle et de choisir un système approprié d'administration d'entreprise, garantissant une gestion efficace, une surveillance adéquate et le maintien des droits d'implication des travailleurs.

La directive 2001/86/CE du Conseil relative à l'implication des travailleurs dans la SE («directive SE») complète le règlement SE. Les législations nationales devaient être adaptées à la législation européenne relative à la SE pour le 8 octobre 2004 au plus tard, mais seuls huit États membres ont respecté ce délai. La directive SE n'a été transposée dans tous les États membres qu'au début de 2007.

En vertu de l'article 69 du règlement SE, la Commission est tenue de présenter, cinq ans après son entrée en vigueur, un rapport sur l'application dudit règlement, y compris, le cas échéant, des propositions de modifications. Afin de réunir les données nécessaires concernant l'application pratique du statut de la SE, la direction générale du marché intérieur et des

services de la Commission européenne a commandé une étude externe et consulté les parties concernées lors d'une consultation publique et d'une conférence.

Free translation of the article "La société européenne : intérêts et opportunités en temps de crise" Catherine Cathiard, Avocat et David Zeitoun, directeur juridique groupe, Unibail-Rodamco, DECIDEURS Stratégie Finance Droit n°108, sept. 2009

By C. Cathiard, Avocat Of Counsel. JeantetAssociés and D. Zeitoun, Group Director of Legal. Unibail-Rodamco

At a time when companies focus on finding solutions allowing them to confront the crisis the SE undoubtedly presents a number of attractions. This is borne out by the nine new SE's registered in France since September 2008.

All recently published studies show that the improvement in competitiveness and the reduction of costs are the watchwords for a large number of companies: for most companies, the time for restructuring has come. The SE should not be absent from these concerns.

The SE is operational and responds to the expectations of companies

Determining factors may be to take the form of an SE to prepare an initial public offering on several exchanges, to affirm a European profile or to assure a positioning in a strategic geographical territory (Limagrain for its positioning in Central and Eastern Europe, UNIBAIL-RODAMCO for its presence in 12 countries of Continental Europe).

The SE has also shown itself to be an excellent means of benefiting from public subsidies (construction of the tunnel for the Berlin-Palermo railway). The SWORD Group, converted to an SE in January 2009, just announced the signature of a contract with the European Commission in an amount of €69 million for the delivery of computer services.

The SE, which allows the carrying out of cross border transactions on the basis of legal rules which are harmonised within the European space, is the favored structure for the bringing together of different groups. It was chosen for the purchase by SCOR of the German REVIOS, and the merger of the German insurer ALLIANZ with the Italian RAS and the French AGF.

The SE is useful for the creation of a jointly-held subsidiary, particularly between private or public legal entities. Thus in September 2008, EPEX SPOT SE was created through the coming together of the French POWERNEXT and the German European Energy Exchange with the aim of creating a European exchange for electricity spot contracts.

The SE can also be used by investment funds in industrial sectors, by permitting the simplification of the structures of the holding or operating companies in which such funds invest.

It is not without reason that the banking, insurance, reinsurance and investment advisory service sectors clearly predominate in the list of existing SEs and should be even more interested in the SE in the context of the legislative developments that have recently occurred or are forthcoming.

Financial businesses indeed have a common interest, linked to the management of capital based on a calculation of solvency ratios.

VIEL and Compagnie Finance, a listed company specialized in the intermediation between banks, chose the SE in order to take into account the coming into force of these new rules.

SCOR, the world's fifth largest reinsurer, created four SEs. By replacing subsidiaries with branches (a branch is not required to be capitalised at the same level as a subsidiary), the SE has allowed SCOR to improve its financial flexibility and the allocation of capital, to simplify its conditions for oversight (the single passport, allowing the group to be subject to only one regulatory authority, that of the country of the legal entity and not of the subsidiaries) and to join the CAC Next 20 index with the expectation of offering to its clients a rating of A+ between now and 2010.

The status of the SE permits the creation of a single-shareholder SE, wholly-owned by an already existing SE, or benefiting from a greater flexibility in the drafting of organic documents, particularly as regards to corporate governance, or, for non public SE's, in the structuring of relationships among shareholders.

The SE can transfer its registered office and headquarters from one Member State to another at any time, with no tax consequences subject to not transferring its assets. The French Group Foncière LFPI thus used the status of the SE for a one-time transaction involving the transfer to France in December 2008 of five Dutch companies, followed by the tax consolidation of the French companies.

While the labor law requirements for the constitution of the SE is often a psychological barrier in the minds of management, it has proven in fact to be a real opportunity for dialogue within the company and can be rapidly implemented thanks to the flexibility afforded by the rules.

The European Company: the choice of UNI BAIL-RODAMCO

Officially commenced in September 2008, the conversion of Unibail-Rodamco into a European Company was approved by its shareholders (by a majority of more than 99%) on May 14, 2009.

Paradoxically, the acknowledged flexibility of the legal form of the SE was not the determining factor, such flexibility being of interest in the context of specific transaction and requiring to be perfected in terms of its legal reality. In this case, the decision responded to three requirements:

● Reflect in a legal form a European reality:

The result of the merger in June 2007 of Unibail SA and Rodamco Europe NV, and the leading operator, investor and developer in the area of commercial real estate in Europe, Unibail-Rodamco has a European dimension both in terms of its asset portfolio (22.8 billion euros spread over 12 countries of continental Europe) and its clients, partners, employees, shareholders, and governance structure. Although the organisation already reflected this positioning and ambition, the adoption of the SE form rapidly became obvious as a natural extension of a process that was already long underway.

● Put in place a flexible and European-wide means for management labor communication

Far from being a brake or restraint, the labor relations aspect of the process was immediately integrated as a real opportunity for Unibail-Rodamco to put into place a European-wide, innovative and unified method for communication with all employees, whatever their nationality or the country in which they work.

Led by the Human Resources Department, in close cooperation with the Legal Department, the putting into place of the Special Negotiating Body (SNB) and then the European Employees Committee foreseen by the negotiated agreement provided the basis for a common feeling of belonging to a group which transcends national boundaries.

Nonetheless, the legal obstacles should not be under-estimated: diversity of national rules applicable in each of the concerned countries, the conditions of the transposition of the European Directive varying widely from one country to another, absence of transformation precedents in numerous countries...

From the outset the choice was made to give priority to providing information and prior training to the employees who were members of the SNB, emphasizing the legal rules applicable to the SE and their impact on the employees, as well as the nature and objectives of the negotiations to take place. This approach allowed the speedy conclusion of an agreement on the participation of the employees which permitted the holding of the shareholders meeting five months later.

Not neglected, well thought out and implemented, the labor relations aspect of the conversion to an SE became a real and efficient tool in the labor relations policy of Unibail-Rodamco.

● Emphasizing the importance for Unibail-Rodamco of European ideas and values

Because of its significant European presence, Unibail-Rodamco could not ignore the debates in Europe as to the harmonisation of legal rules and the convergence of its economy (member countries, candidates for membership and associated countries). To meet future challenges and anchor its attachment to Europe's founding values and principles, Unibail-Rodamco, through its conversion to an SE, made the choice to affirm an optimistic and dynamic European positioning.

The results of the experience of Unibail-Rodamco S.E.

As for any high level project involving numbers of parties, in order to achieve a successful result, such a project required:

- a phase of detailed study and preparation: while the legal process for the conversion occurred from September 2008 to May 2009, the analyses and feasibility studies were commenced at the end of 2007;

- the assistance of well-informed and proactive advisors, having experience with other conversions, in order to reduce the risks in implementation arising from the interaction between the legal rules of the SE and national law;

- to anticipate and/or deal with all the potential legal, labor relation and financial difficulties and side effects;

- to bring in and involve openly and at the earliest stages all participants, both internal and external.

But above all the most important factor for success remains that the conversion into an SE should reflect a rational, strong and dynamic vision on the part of all the constituents of the company or the group which commences such an adventure.

KEY POINTS:

■ The SE is an instrument for restructuring in the European space

■ The SE offers more flexibility than a société anonyme

■ Labor relations aspects of the SE: a real and efficient instrument for labor relations policy

■ The SE: affirming the European positioning of a group in an optimistic and dynamic manner

ON THE AUTHORS:

Catherine Cathiard, one of the few leading specialists in the SE, admitted at the Paris Bar since 1989, has joined the corporate/M&A team of JeantetAssocies to develop an offer of services covering the European structures (SE, private European company, European cooperative society, EEIG) and cross-border operations (mergers, transfers of registered offices). David Zeitoun, Group Director of Legal, co-leaded, in 2009, the operations of conversion into SE of the holding company, listed on the CAC 40, member of Euronext 100 and Amsterdam AEX index.

By Catherine Cathiard, Avocat

All recently published studies show that the improvement in competitiveness and the reduction of costs are the watchwords for a large number of companies: for most companies, the time for restructuring has come. The European Company (SE) should not be absent from these concerns as it can be of particular interest for all types of enterprises and a large range of economic sectors.

Since the implementation in all European Union (EU) countries of the European Council's Regulation n°2157/2001 and Directive n°2001/86/EC introducing the European Company (“Societas Europaea” or “SE”) as a new available corporate form for companies registered in an EU Member State - with a set of harmonised rules applicable notwithstanding the Member State where the SE is located -, more than 900 SEs have been incorporated throughout the Union. France ranks in the third position for the number of SEs already incorporated on its territory.

FOR INTERNATIONAL GROUPS

The SE appears as a truly interesting corporate vehicle not only for European companies or groups but also for foreign (i.e., non-European) companies intending to carry out activity with the European market:

- The SE facilitates the penetration of the European market by non European groups (Example: Narada, a Chinese manufacturer of batteries for telecommunication, electronics and information equipment sectors, incorporated with its European partner Eltek, a supplier of energy and transmissions systems to the telecommunication industry, a joint venture subsidiary under the SE form -Narada Europe SE- held at 60% by Narada and 40% by Eltek).

- The SE facilitated the establishment of French groups in other Member States (Example: LIMAGRAIN CENTRAL EUROPE SE for its positioning in Central and Eastern Europe).

- The SE, which allows the carrying out of cross border transactions on the basis of legal rules which are harmonised within the European space, is the favoured structure for cross-border restructurings within Europe. (Examples: The SE was chosen for the purchase by SCOR of the German REVIOS, and the merger of the German insurer ALLIANZ with the Italian RAS and the French AGF.)

- The SE status permits unification of the corporate forms of subsidiaries established in different Member States, unification of corporate governance and simplification of corporate formalities, resulting in particular in reduced administrative costs.

FOR LARGE LISTED COMPANIES

- The SE appears as a tool to perform a European project or to prepare an IPO on multiple European stock markets (Example: UNIBAIL-RODAMCO SE after the French-Dutch public exchange offer).

- The SE allows protection of the sensitiveness of the various parties involved in the context of politically tense transactions involving different major groups or in the context of a takeover (Example: The use of a SE was scheduled in the context of the takeover bid launched in August 2005 by Suez on its subsidiary Electrabel).

FOR BANKS AND INSURANCE COMPANIES

- It is not without reason that the banking, insurance, reinsurance and investment advisory service sectors clearly predominate in the list of existing SEs.

Financial businesses indeed have a common interest, linked to the management of capital based on a calculation of solvency ratios with the loosening of regulatory controls (« branchification »).

The SE has allowed those companies to improve their financial flexibility and the allocation of capital, to simplify their conditions for oversight (the “single passport” allowing the group to be subject to only one regulatory authority, that of the country of the legal entity and not of the subsidiaries).

By facilitating internal reorganization so as to operate through branches instead of subsidiaries, the SE status allows them to significantly reduce external control requirements (e.g., reporting to only one authority at the holding European Company level, better anticipating equity capital requirements and associated risks).

Examples: FORTIS, ALLIANZ, SCOR, VIEL ET CIE, PAYPAL, CHUBB, SWISS RE ...

FOR CERTAIN SECTORS (ENERGY, CHEMICALS, PHARMACEUTICALS...)

- The SE is useful for the creation of a jointly-held subsidiary, particularly between private or public legal entities. It is an efficient tool for the creation of a transeuropean network or a EU project having a political dimension.

(Example: Franco-German European spot electricity exchange: creation of a pan-european market platform, EPEX SPOT SE as joint subsidiary of the French POWERNEXT and the German European Energy Exchange with the aim of creating a European exchange for electricity spot contracts).

FOR PUBLIC PRIVATE PARTNERSHIPS, LARGE PROJECTS

- The SE has also shown itself to be an excellent means of benefiting from EU/public subsidies

(Example: Subsidies from the EU for the design and construction of the Brennerbasis Tunnel - the largest project of railway tunnel in Europe - were made conditional upon the creation of a SE between Austria and Italy, registered in Austria as Galleria di Brennero Brennerbasistunnel BBT SE).

(Example: The SWORD Group, converted to an SE, announced in the following months, the signature of a contract with the European Commission in an amount of €69 million for the delivery of computer services).

FOR MEDIUM SIZE COMPANIES

- The SE facilitates European expansion (Example: MUTAVIE, subsidiary of the MACIF group, converted into an SE in a view of developing its activities in Europe).

- The status of the SE permits the creation of a single-shareholder SE, wholly-owned by an already existing SE. It also offers a greater flexibility in corporate statutory requirement than is the case with a société anonyme, particularly as regards to corporate governance, or, for non public SE's, in the structuring of relationships among shareholders.

FOR NEW MANAGEMENT

- For a new management, the SE is definitively a "new idea" evidencing a new dynamic which can generate economies of scale while at the same time enabling a consolidation of management power (Example: project announced by EADS in the context of the arrival of Tom Enders).

FOR ALL COMPANIES

- The SE is the only tool permitting the transfer of the registered office to another Member State without resulting in dissolution of the company or to the creation of a new legal entity and benefitting from tax neutrality subject to certain conditions (Example: The French Group Foncière LFPI thus used the status of the SE for a one-time transaction involving the transfer to France of five Dutch companies, followed by the tax consolidation of the French companies).

- Beyond purely legal and financial considerations, most companies in Europe that have created a SE highlight the positive effect for them in terms of modern corporate image, and made a spotlight on a transeuropean culture or dimension which may entail an additional commercial and marketing value by strengthening the image with their clients and investors (Example : By creating 4 SEs in France the Scor Group for instance was thereby putting forward its ambition to be a company with European roots, global reach and transnational identity).

- The SE is a way to smooth out national differences to prepare an alliance with another group with a different nationality (build-up) (Example: Franco-German common holding BURGEAP-IGIP HOLDING SE).

- Adopting the SE status permits better identification of the different activities of a group (Examples: SCOR was converted into an SE and created three divisions-subsidiaries also as SEs; PIERRE & VACANCES IMMOBILIER was converted into an SE and has two divisions-subsidiaries also as SEs).

- The SE is seen as an innovative and uniform tool for approaching labor-management dialogue whatever the nationality of the employees or the country in which they operate. The labor-management aspect of the SE has proven to be an effective tool for labor-management relations It has proven in fact to be a real opportunity for dialogue within the company and can be rapidly implemented thanks to the flexibility afforded by the rules (Examples: UNIBAIL-RODAMCO, SCOR).

For all those reasons, more than a simple legal status, the SE can turn into an actual brand for companies with ambitions on the European market and France is definitely a place that European or non-European groups carrying out activities in Europe need to consider when deciding to establish a SE within the Union.