{"id":4376,"date":"2015-05-18T08:00:16","date_gmt":"2015-05-18T08:00:16","guid":{"rendered":"http:\/\/www.asociacion-eurojuris.es\/en\/?p=4376"},"modified":"2020-04-11T07:22:41","modified_gmt":"2020-04-11T07:22:41","slug":"fusions-et-acquisitions-en-espagne-gestion-dune-concentration-economique","status":"publish","type":"post","link":"https:\/\/www.asociacion-eurojuris.es\/en\/fusions-et-acquisitions-en-espagne-gestion-dune-concentration-economique\/","title":{"rendered":"Fusions et acquisitions en Espagne: gestion d\u2019une concentration \u00e9conomique"},"content":{"rendered":"<h2 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>1. Gestion d\u2019une concentration \u00e9conomique<\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">La proc\u00e9dure d\u2019acquisition commence avec ce que l\u2019on appelle le deal search dans le cadre duquel de potentielles soci\u00e9t\u00e9s cibles seront communiqu\u00e9es et analys\u00e9es. Les r\u00e9sultats de cette analyse sont r\u00e9sum\u00e9s dans un rapport de Due-Diligence. Viennent ensuite les n\u00e9gociations avec lesdites soci\u00e9t\u00e9s cibles et la r\u00e9daction d\u2019un Term Sheet relatif aux conditions de l\u2019acquisition. L\u2019acqu\u00e9reur pr\u00e9pare ensuite une Binding Offer pour la soci\u00e9t\u00e9 cible qui pose les bases du contrat de concentration.<!--moreFusions et acquisitions en Espagne: gestion d\u2019une concentration \u00e9conomique --><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>2. Contr\u00f4le national de concentration \u00e9conomique<\/strong><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Une annonce pr\u00e9alable \u00a0de la transaction aux autorit\u00e9s responsables de la protection de la concurrence est n\u00e9cessaire. L\u2019objectif de cette annonce est l\u2019obtention des autorisations n\u00e9cessaires \u00e0 la transaction.<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>a) Obligation d\u2019affichage public<\/strong><\/span><\/h3>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">Cet affichage doit \u00eatre communiqu\u00e9 a la Commission Nationale de la Concurrence (la Comisi\u00f3n Nacional de la Competencia, CNC). Les transactions suivantes sont sujettes \u00e0 une obligation de publication\u00a0: a) l\u2019acquisition d\u2019une part de march\u00e9 \u00e9gale ou sup\u00e9rieure \u00e0 30% du march\u00e9\u00a0 national de produits ou de prestation de services concern\u00e9 ou de 30% d\u2019un march\u00e9 g\u00e9ographique d\u00e9termin\u00e9\u00a0; b) Lorsque le chiffre d\u2019affaires global du commerce en Espagne de toutes les soci\u00e9t\u00e9s concern\u00e9es pour l\u2019ann\u00e9e \u00e9coul\u00e9e d\u00e9passe les 240 Millions d\u2019Euros, toujours lorsque l\u2019une des deux soci\u00e9t\u00e9s impliqu\u00e9es r\u00e9alisent chacune un chiffre d\u2019affaires de plus de 60 Millions d\u2019Euros sur le march\u00e9 espagnol.<\/p>\n<p style=\"text-align: justify;\">Toutes les transactions d\u00e9crites ci-dessus, except\u00e9 l\u2019acquisition avec contr\u00f4le exclusif, doivent \u00eatre publi\u00e9es. La Transaction ne peut \u00eatre r\u00e9alis\u00e9e tant que la commission nationale pour la concurrence n\u2019a pas express\u00e9ment donn\u00e9 son autorisation ou l\u2019a donn\u00e9e de mani\u00e8re concluante. La transaction se trouve \u00e0 ce moment l\u00e0 dans une situation de suspension. La publication n\u2019est pas n\u00e9cessaire dans les cas de lev\u00e9e de suspension ou d\u2019offre publique d\u2019achat. La lev\u00e9e de suspension a lieu exceptionnellement et seulement sur demande par laquelle les cons\u00e9quences n\u00e9gatives de la suspension sont d\u00e9taill\u00e9es.<\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong>b) Deux phases proc\u00e9durales<\/strong><\/span><\/h3>\n<h4 style=\"text-align: justify;\"><strong>Premi\u00e8re phase<\/strong><\/h4>\n<p style=\"text-align: justify;\">D\u00e8s que la transaction est d\u00fbment publi\u00e9e, la direction d\u2019investigation dispose d\u2019un d\u00e9lai d\u2019un mois pour la r\u00e9daction d\u2019un rapport et d\u2019une proposition de d\u00e9cision. Le Conseil de la Commission Nationale de la Concurrence se prononce ensuite sur celle-ci par une d\u00e9cision dans le cadre de la premi\u00e8re phase. Dans cette d\u00e9cision, le Conseil peut\u00a0: (i) autoriser le projet de concentration \u00e9conomique\u00a0; (ii) imposer des conditions aux parties\u00a0; (iii) r\u00e9gler l\u2019introduction de la seconde phase proc\u00e9durale\u00a0; (iv) d\u00e9cider de transmettre le cas \u00e0 la commission europ\u00e9enne\u00a0; ou (v) ordonner la cessation de la proc\u00e9dure.<\/p>\n<h4 style=\"text-align: justify;\"><strong>Deuxi\u00e8me phase<\/strong><\/h4>\n<p style=\"text-align: justify;\">Pendant un d\u00e9lai de deux mois \u00e0 partir du jour d\u2019introduction de la seconde phase, la direction d\u2019investigation publie un recueil des faits concrets est mis \u00e0 disposition des parties pour commentaires. En tenant compte de la proposition de d\u00e9cision de la direction d\u2019investigation, le Conseil prend une d\u00e9cision. Dans celle-ci il peut\u00a0: (i) autoriser le projet de concentration \u00e9conomique\u00a0; (ii) imposer certaines conditions aux parties\u00a0; (iii) interdire le projet de concentration \u00e9conomique\u00a0; ou (iv) ordonner la cessation de la proc\u00e9dure. Cette d\u00e9cision peut \u00eatre transmise par le Minist\u00e8re de l\u2019\u00c9conomie et des Finances au Conseil des Ministres dans un d\u00e9lai de 15 Jours pour des raisons d\u2019int\u00e9r\u00eat g\u00e9n\u00e9ral.<\/p>\n<p style=\"text-align: justify;\"><strong>Karl H. Lincke<\/strong><\/p>\n<p><a title=\"Mariscal Abogados, Avocats Madrid, Espagne\" href=\"http:\/\/www.mariscal-abogados.eu\/categoria\/investissement-et-residence-en-espagne\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>ariscal Abogados, Avocats francophones en Espagne<\/strong><\/a><\/p>\n<h2><strong><strong><a title=\"Eurojuris Espa\u00f1a, international network of law firms in Spain\" href=\"http:\/\/www.asociacion-eurojuris.es\/en\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Eurojuris Espa\u00f1a<\/em><\/a><\/strong><\/strong><strong><strong><a title=\"Eurojuris Espa\u00f1a, international network of law firms in Spain\" href=\"http:\/\/www.asociacion-eurojuris.es\/en\" target=\"_blank\" rel=\"noopener noreferrer\"><em>, r\u00e9seau espagnol inernational de cabinet d\u2019avocats<\/em><\/a><\/strong><\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. Gestion d\u2019une concentration \u00e9conomique &nbsp; La proc\u00e9dure d\u2019acquisition commence avec ce que l\u2019on appelle le deal search dans le cadre duquel de potentielles soci\u00e9t\u00e9s cibles seront communiqu\u00e9es et analys\u00e9es. Les r\u00e9sultats de cette analyse sont r\u00e9sum\u00e9s dans un rapport de Due-Diligence. Viennent ensuite les n\u00e9gociations avec lesdites soci\u00e9t\u00e9s cibles et la r\u00e9daction d\u2019un Term [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[258],"tags":[],"class_list":["post-4376","post","type-post","status-publish","format-standard","hentry","category-articles-juridiques"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fusions et acquisitions en Espagne: gestion d\u2019une concentration \u00e9conomique<\/title>\n<meta name=\"description\" content=\"La gestion d\u2019une concentration \u00e9conomique dans le cadre des fusiones et acquisitions en Espagne commence avec le deal search.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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