Throw Back on Paris Stock Exchange Delisting (2000-2019)
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Abstract
Over the past twenty years, the French stock market witnessed a lot of changes in its regulatory framework and faced new strategic decisions taken by firms when it comes to staying listed as a public company or just delist and go back to being private again. The author collected data from the Bloomberg terminal from 2000 till 2019 and the World Federation of Exchanges (WFE) and tried to analyze and differentiate among the reasons why companies decide to delist from the Euronext-Paris. A further attempt was made by retrieving data from the Euronext website and in specific the fact book from 2013 till 2019. A look deeper into delisted firms’ decisions to go back private was performed on individual delisted companies’ official publications and announcements, and the general reasons were mainly concentrated on the high cost of being listed and specially the dual listing costs, the need to overcome the burden of the minority shareholders, the low turnover of shares and the fading away of the reason for being listed in the first place presented in the need for financing.
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How to Cite
Kazzi, G. E. (2024). Throw Back on Paris Stock Exchange Delisting (2000-2019). Economit Journal: Scientific Journal of Accountancy, Management and Finance, 4(3), 188-203. https://doi.org/10.33258/economit.v4i3.1152
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References
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HUGUET, CAROLE. 2020. Senior statistician at Euronext, Personal communication.
Industry Classification Benchmark (ICB) is a globally utilized standard for the categorization and comparison of companies by industry and sector.
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Euronext-Alternext Paris, Amsterdam, Brussels (http://www.euronext.com)
Euronext, Frequently Asked Questions (FAQ), October 2017, available on: www.euronext.com
Euronext Growth is an equity trading market that was opened May 17, 2005 for SMEs
The Federation of European Securities Exchanges AISBL (FESE) (http://www.fese.eu/)
https://www.journaldesopa.com/category/opa-ope-opr/sortie-de-cote
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https://sdw.ecb.europa.eu/browse.do?node=9691454
https://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=181.SEE.A.FR.ENP0.MKP.W.E
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https://www.statista.com/statistics/546288/euronext-free-market-market-capitalisation-companies-delisted/
World Exchanges (http://www.world-exchanges.org)
https://www.world-exchanges.org/our-work/statistics
Harmonized rule book of Euronext: chapter six relates to admission to trading and continuing obligations of issuers (rule 6905- removal)
BONDAIN, ANTHONY, (2019). L'inexorable disparition des grandes entreprises étrangères à la Bourse de Paris. Available at https://www.zonebourse.com/actualite-bourse/L-inexorable-disparition-des-grandes-entreprises-etrangeres-a-la-Bourse-de-Paris--28801896/
BRANDFORD-GRIFFITH, H., 2009. Les offres de fermeture, in Les offres publiques d'achat, LexisNexis, 2009
Bloomberg terminal.
COSNARD DENIS. 2018. La Bourse n’a plus la cote chez les entreprises. Le Monde magazine, 08 February 2018. Available on: https://www.lemonde.fr/economie/article/2018/02/08/la-bourse-n-a-plus-la-cote-chez-les-entreprises_5253700_3234.html
DELAUX, PIERRE. 2004. L'indispensable régulation des marchés financiers. Dans Reflets et perspectives de la vie économique 2004/2 (Tome XLIII), pages 43 à 56
DEMARTINI, ANNE. 2010. “L’évolution des Radiations de Sociétés Cotées en France (2006-2010)”. Département des Etudes, AMF, available on: http://observatoire-financement-entreprises.com/downloads/etudes/Rapport_AMF_sur_l_evolution_des_radiations_des_societes_cotees_en_France_entre_2006_et_2010/11_02_Rapport_sur_les_radiations_2006_2010.pdf
FLALLO, LAURENT, 2006. Retrait de la cote : la parade de Bridgepoint face aux « hedge funds » ". Les Echos, 28 April 2006, p. 26. LesEchos available on: https://www.lesechos.fr/2006/04/retrait-de-la-cote-la-parade-de-bridgepoint-face-aux-hedge-funds-569267
Harmonized rule book of Euronext: chapter six relates to admission to trading and continuing obligations of issuers (rule 6905- removal)
HERVÉ ROUSSEAU, 2018. Le nombre de sociétés cotées en Bourse fond comme neige au soleil. Le Figaro, January 17, 2020. https://www.lefigaro.fr/societes/le-nombre-de-societes-cotees-en-bourse-fond-comme-neige-au-soleil-20200117
HUGUET, CAROLE. 2020. Senior statistician at Euronext, Personal communication.
Industry Classification Benchmark (ICB) is a globally utilized standard for the categorization and comparison of companies by industry and sector.
KANOVITCH, A. B., 2005. Simplifying French public-to-private deals. IFLR/June 2005, p. 25.
KIM, W. and WEISBACH, M. 2008. Motivations for Public Equity Offers: An International Perspective. Journal of Financial Economics, Vol. 87(2), pp. 281-307.
KIM, W.S. and LYN, E.O. 1991. Going Private: Corporate Restructuring under Information Asymmetry and Agency Problems. Journal of Business Finance and Accounting, 18, pp. 637-648.
MARTINEZ, I. AND SERVE, S., 2011. The delisting decision: the case of buyout offer with squeeze-out (BOSO). International Review of Law and Economics, 31(4):229–239.
“Ordonnance n°2004-1382 du 20 décembre 2004”: adapting legislative provisions relating to company accounting to Community provisions in the field of accounting regulations.
PASQUETTE, MARIE-JEANNE, (2018). Réforme du retrait obligatoire: les préconisations du Haut Comité Juridique. Available on: http://www.minoritaires.com/reforme-du-retrait-obligatoire-de-la-cote-une-nouvelle-usine-a-gaz/
PIETRANCOSTA, ALAIN
• 2000. Offres publiques de retrait et retrait obligatoire ", Dictionnaire Joly Bourse, 2000.
• 2013. Going private transactions" in France. RTDF N° 4 - 2013 / N° 1 – 2014. COLLOQUE / Alain Pietrancosta
VENTORUZZO, M. 2010. Freeze-Outs: Transcontinental Analysis and Reform Proposals. Virginia Journal of International Law, November 12, 2009, Vol. 50, No. 4, Law Working Paper No. 137/2009.
https://www.actionnews.it/documents/corporate_actions/euronext/ from redazione@actionnews.it
http://archivesbdif.amf-france.org/metadonnees, personal compilation. "base des décisions et informations financières"
http://archivesbdif.amf-france.org/fichiers/dop/year/...........pdf, (2000-2009)
https://www.boursier.com/actualites/news/multiple-issuers-radiation-d-actions-366522.html
https://www.data.gouv.fr/fr/datasets/archives-de-la-base-des-decisions-et-informations-financieres-bdif-de-lamf-1/
https://www.data.gouv.fr/fr/search/?q=bdif-2015
Euronext-Alternext Paris, Amsterdam, Brussels (http://www.euronext.com)
Euronext, Frequently Asked Questions (FAQ), October 2017, available on: www.euronext.com
Euronext Growth is an equity trading market that was opened May 17, 2005 for SMEs
The Federation of European Securities Exchanges AISBL (FESE) (http://www.fese.eu/)
https://www.journaldesopa.com/category/opa-ope-opr/sortie-de-cote
https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000021559075: LOI n° 2009-1674 du 30 décembre 2009 de finances rectificative pour 2009.
https://www.lemonde.fr/economie/article/2018/02/08/la-bourse-n-a-plus-la-cote-chez-les-entreprises_5253700_3234.html
https://www.lesechos.fr/2006/08/7-des-societes-quittent-la-bourse-chaque-annee-578589
https://live.euronext.com/fr/resources/statistics/factbook, Personal compilation
http://marchelibre.com/sitefichevaleur.php?css=adrens.css&isin=FR0000000008&menu=Conseils&id=38749&type=.pdf
https://www.nokia.com/sites/default/files/2018-11/nokia_and_alcatel-lucents_draft_joint_offer_document_english_version.pdf
https://sdw.ecb.europa.eu/browse.do?node=9691454
https://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=181.SEE.A.FR.ENP0.MKP.W.E
https://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=181.SEE.A.FR.ENP0.LSD.E.Q
https://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=181.SEE.A.FR.ENP0.LSN.X.Q
https://sdw.ecb.europa.eu/quickview.do?SERIES_KEY=181.SEE.A.X0.ENX0.LST.E.Q
https://www.statista.com/statistics/546288/euronext-free-market-market-capitalisation-companies-delisted/
World Exchanges (http://www.world-exchanges.org)
https://www.world-exchanges.org/our-work/statistics
Harmonized rule book of Euronext: chapter six relates to admission to trading and continuing obligations of issuers (rule 6905- removal)