Les fusions transfrontalieres dans l'union europeenne (l'exemple franco - belge)
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Abstract EN:
Recently a number of cross border mergers have taken place within the e. U. Theoretically the possibility to complete international mergers dates back several years, however ,a near unanimous agreement has prevailed which practically prevented the completion of deals of this type. Today, it appears clear that a positive aspect of european harmonisation will be to facilitate such operations. Generally speaking, the co-ordination of national companies law allows trust in business relationship and so favours its birth. Specifically the essential merger's concepts and the aspects of its organisation, resulting from the third companies law directive,make the operation easier. On the over hand, the 90/434/eec directive of the 23/07/1990 creates a neutral fiscal framework. The fact that this directive is imperfectly applied is just a temporary difficulty. Limits still exist, especially related to quorum's and majority's required to agree a merger. These limits comes from a classic analysis which likens cross border mergers and registered office's international transfer. The present european law contains the requisite resources to overcome these obstacles. According to the third directive, the company being acquired in the case of a merger is wound up without going into liquidation, this is exclusive of registered office's transfer. Furthermore, the freedom of establishment enshrines the right for companies to agree cross border mergers. However the "daily mail" decision of the 27/09/1988 seems to contradict this interpretation, but its consequences are still uncertain. For this reason the adoption of the tenth directive is still necessary. Several drafts have been written to date but for the moment none of them has been adopted. The reason is that each state member has a different view of the 'firm', co-determination being just the point on which divergences are focused. Moreover, the procedure for adopting a directive can be easily blocked. However, as a directive has a powerful impact, this must be the way forward. The community is therefore the spring where cross border mergers are able to quench there thirst.
Abstract FR:
Des fusions transfrontalieres ont ete realisees ces dernieres annees au sein de l'union europeenne. Si l'affirmation de la possibilite theorique d'effectuer des fusions internationales est deja ancienne, un accord quasi unanime regnait pour nier la possibilite concrete de pratiquer de telles operations. Il apparait clairement que ce sont les acquis de l'harmonisation europeenne qui aujourd'hui permettent d'envisager de telles operations. D'une facon generale, la coordination des droits internes des societes securise le rapport d'affaires et favorise ainsi sa naissance. Plus particulierement, d'une part, les concepts essentiels de la fusion et les traits principaux de son organisation, qui resultent de la 3eme directive de droit des societes, permettent de realiser l'operation. D'autre part, la directive 90/434/cee du 23 juillet 1990 construit un cadre fiscal neutre. Le fait que cette directive ne soit qu'imparfaitement transposee n'est qu'une difficulte transitoire. Des limites existent neanmoins, en particulier quant aux conditions de quorum et de majorite pour decider de la fusion. Elles sont issues de l'analyse classique qui assimile fusion transfrontaliere et transfert international de siege social. Le droit communautaire actuel contient les ressources necessaires pour franchir ces obstacles. Le concept, issu de la 3eme directive, de dissolution sans liquidation de la societe absorbee en cas de fusion exclut qu'il puisse y avoir transfert de siege. Par ailleurs, le principe du libre acces a l'etablissement fonde le droit pour les societes de pouvoir effectuer des fusions transfrontalieres. Toutefois, l'arret daily mail du 27/09/1988 de la cjce s'oppose apparemment a cette interpretation, mais sa portee est incertaine. Pour cette raison, l'adoption de la 10eme directive reste une solution a envisager. Differents projets en ce sens ont vu le jour, mais aucun n'a abouti. Cela tient a une difference de conception de l'entreprise entre etats membres, la cogestion n'etant que le point sur lequel les divergences se cristallisent. En outre, la procedure d'adoption d'une directive peut etre facilement bloquee. Cependant, cette voie doit etre privilegiee car une directive produit de puissants effets. Ainsi, la communaute apparait etre la source a laquelle s'abreuve la fusion transfrontaliere.