The year 2022 was less dynamic for public offers made to shareholders of companies listed in France, slowed down by the conflict in Ukraine and the degraded economic environment, according to a report published on Monday.
A total of 32 transactions were declared compliant last year by the Financial Markets Authority (AMF) on the Paris market, 11 less than in 2021 which was a record year, according to data compiled by the Observatory. public offerings from the consulting firm EY.
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As in many other financial areas,
"the conflict in Ukraine, the rise in interest rates and inflation"
have contributed to the reluctance of the players, according to EY.
However, this figure is within
"the average of the last ten years
", specifies the annual study.
It is also more than the number of companies listed on the Paris Stock Exchange: 11 in 2022, 10 of which saw their prices fall between their introduction and December 31.
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The amount of capital acquired by public offerings is also greater than in 2021 (15.6 billion euros against 5.8 billion euros), inflated by six transactions declared compliant in 2021 and finalized in 2022, in particular Veolia's public offer for Suez, which accounts for more than half of the amount, ie 8.4 billion euros.
The other operations endorsed in 2021 and concluded in 2022 concerned Europcar Mobility Group, Etablissements Fauvet Girel, SQLI, Prodware and BEL.
Government offer on EDF
A takeover bid consists of offering the shareholders of a listed company the acquisition of some or all of the shares, on a date and at a price fixed in advance.
The AMF monitors the regularity of transactions.
Among the 32 transactions that received AMF approval last year, four had not been finalized at the end of December 2022, including the French government's public offer for EDF, intended to renationalise the electricity giant, slowed down by legal action by minority shareholders.
The public offer launched by La Banque Postale on CNP Assurances and that of the investment fund KKR on Albioma are the two largest transactions validated and concluded in 2022 for respectively 1.868 billion euros and 1.494 billion euros.
All the initiators of public offers in 2022 were French with the exception of the operation of the American KKR targeting the producer of renewable energies Albioma.
The technology sector (IT and Biotech/Medtech) remains the most active, with approximately 30% of transactions.
