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Les offres publiques d'achat et d'échange sur le marché financier français - Étude de cas et essai d'interprétation

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  • Christine Eynaudi

Abstract

[fre] Le développement des offres publiques d'achat et d'échange, sur le marché financier français, suscite depuis quelques années de nombreuses interrogations quant aux fondements de telles opérations et au comportement des acteurs dans ce contexte.. L'objet de cet article est avant tout de présenter le résultat des recherches théoriques notamment aux États-Unis, et de l'utiliser comme grille de lecture sur un échantillon d'offres publiques : celles initiées en Bourse de Paris entre 1977 et 1987. Cette démarche, qui fait l'objet des deux premières parties, relativise le rôle disciplinaire du marché du capital d'occasion où se tiennent les transactions.. Elle débouche sur une réflexion à propos de la logique d'intervention du secteur bancaire qui privilégie selon les cas, le conseil (ingénierie financière) ou la participation financière (financement).. Celle-ci fait référence aux structures d'appropriation et de pouvoir qui se nouent par l'intermédiaire des réallocations de capital, elle est aussi le signe tangible de nouvelles stratégies de métier. [eng] The development of takeover bids and exchange offers in the French financial markets has raised, for years, some questions as to the well founded grounds for such deals and the operators' motives.. The subject of this article is to reveal the results of the theoratical researches, notably in the United States and to use them as a working basis to explain the TOB initiated on the Paris Stock Exchange between 1977 and 1987.. This approach is earmarked to relativise the first 2 parts of the disciplinary role of the secondary capital market where the transactions are conducted. It rests on the reflexion conceming the logic of intervention of the banking sector which privilegies on a case by case basis, the adviser or the financing side.. The latter refers to the structures of appropriation and the means which are tied up by the intermediairy of reallocation of capital ; it is also a tangible sign of the new strategies of the profession.

Suggested Citation

  • Christine Eynaudi, 1991. "Les offres publiques d'achat et d'échange sur le marché financier français - Étude de cas et essai d'interprétation," Revue d'Économie Industrielle, Programme National Persée, vol. 58(1), pages 86-106.
  • Handle: RePEc:prs:recind:rei_0154-3229_1991_num_58_1_1391
    DOI: 10.3406/rei.1991.1391
    Note: DOI:10.3406/rei.1991.1391
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