In three recent Client Alerts, Latham & Watkins lawyers examine how government measures to fight COVID-19 may affect French M&A transactions, key questions for French listed companies and high yield issuers, and how companies can respond to the impact on their current French law contracts.

By Latham’s Mergers & Acquisitions, Capital Markets, and Litigation & Trial Practices

Impact of COVID-19 on French M&A Transactions

On March 16, 2020, President Emmanuel Macron announced the implementation of unprecedented and extendable quarantine measures in order to limit the spread of the COVID-19 virus. Following this announcement, a new bill came into force on March 24, 2020, the purpose of which is to declare a state of health emergency and authorize the government to implement measures to support sectors of the economy impacted by this crisis. While further details on the content of such measures are yet to be provided, this Client Alert outlines key points to consider when carrying out a M&A transaction in France within the context of the COVID-19 outbreak.

Impact of COVID-19 on French Listed Companies and High Yield Issuers

This Client Alert provides a Q&A for listed companies and high yield issuers navigating capital markets implications, with reference to the AMF’s recommendations and best practices. Topics covered include: general meetings, disclosure requirements, and liquidity issues.

Impact of COVID-19 on French Law Governed Contracts

On 24 March, an emergency law that enables the declaration of a state of health emergency as well as further restrictions to the freedoms of movement, enterprise, and assembly was enacted by the French government. These measures (implemented by ordinance and/or decrees) will likely cause significant disruptions to businesses’ operations and commercial relationships. Consequently, parties to French law contracts may wish to review the available contractual rights and obligations in order to manage and mitigate the effects of the COVID-19 outbreak. This Client Alert explores these contractual rights and obligations.