Disclosure of Intentions in French Tender Offers: The Example of Artemis/Suez

On September 28, 2006, the French government adopted new stock exchange regulations which, among other reforms, are intended to avoid the proliferation of rumors concerning potential takeovers.1 The new rules permit the French stock market regulator, the Autorité des marchés financiers (the "AMF"), to require any person rumored to be preparing a tender offer to publicly disclose its intentions or refrain from launching a takeover bid for a period of six months (the "Declaration Rule").