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Les prises de contrôle par les actionnaires contestataires:le cas André

  • Michel Albouy

    ()

    (Université de Grenoble 2 et Grenoble EM)

  • Alain Schatt

    (Université de Franche-Comté)

(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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Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 7 (2004)
Issue (Month): 2 (June)
Pages: 33-65

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Handle: RePEc:dij:revfcs:v:7:y:2004:i:q2:p:33-65
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