(VF)Le groupe André a fait l’objet d’un mouvement de contestation, initié au début de l’ann ée 2000 par deux actionnaires anglo-saxons pour obtenir des postes d’administrateurs. Cette opération, inédite en France, a permis aux contestataires d’obtenir un nombre suffisant de sièges pour procéder au remplacement des dirigeants. Si l’impact de cette opération sur la valeur du Groupe André est légèrement positif à court terme, les performances opérationnel-les et boursières augmentent significativement à long terme. Par ailleurs, la rentabilité de cette opération diffère sensiblement pour les deux actionnai-res contestataires. (VA) Group André, a French corporation, was the target of a proxy fight which started in early 2000 and was initiated by two Anglo-Saxon shareholders searching to take over control of the board of directors. This operation, so far quite unusual in France, enabled the dissident share-holders to replace the top managers. The impact of this operation on Group André’s firm value is shown to be slightly positive in the short run, whereas operating and stock-price performance significantly increase in the long run. In addition, this opera-tion leads to considerably different re-turns when looking at each one of the two dissident shareholders separately.
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