Transactions & Deals in France

Full guide · Source-checked research97% of statements checked against a source143 checked against an official source4 checked against a secondary sourceChecked 2026-10-19Not yet professionally reviewed

• A merger must be notified to the Autorité de la concurrence when the parties' combined worldwide turnover exceeds EUR 250 million, at least two parties each have French turnover above EUR 80 million, and the deal does not fall under EU merger control.

  Turnover excluding tax. Separate, lower thresholds apply to retail and to French overseas territories. Thresholds apply to deals notified from 1 September 2026 (previously EUR 150 million and EUR 50 million).Autorité de la concurrence · checked 2026-10-18

• Law no. 2026-403 on the simplification of economic life (article 24) amended article L.430-2 of the Commercial Code to raise the merger thresholds, and the new thresholds apply to deals notified from 1 September 2026; deals properly notified before that date stay under the old regime.

  A notified deal still under review on 1 September 2026 could be withdrawn by the notifying party; withdrawal after early implementation can expose the party to penalties under article L.430-8 II.Autorité de la concurrence · checked 2026-10-18

• For retail, the revised thresholds are combined worldwide turnover above EUR 100 million and French retail turnover above EUR 20 million for at least two parties operating retail stores (previously EUR 75 million and EUR 15 million).

  Overseas-territory thresholds were not changed.Autorité de la concurrence · checked 2026-10-18

• A notifiable merger cannot be completed before the Autorité de la concurrence's decision; failure to notify can lead to a fine of up to 5% of the company's French turnover.

  Gun-jumping (early completion) is separately sanctionable.Autorité de la concurrence · checked 2026-10-18

• Phase 1 merger review lasts at most 25 working days; if serious doubts remain, a Phase 2 review adds up to 65 working days.

  Time runs from a complete notification; remedies and suspensions can extend the timetable.Autorité de la concurrence · checked 2026-10-18

• Foreign investments in sensitive sectors require prior authorisation from the Minister for the Economy under article L.151-3 of the Monetary and Financial Code, and authorisation is needed only if the investor, the type of transaction and the target's activity all meet the criteria.

  Sensitive activities cover national defence, public order and security, and activities essential to the country's interests, as listed in article R.151-3. Handled by the Direction générale du Trésor.Direction générale du Trésor · checked 2026-10-18

• Screened transactions are acquiring control of a French entity, acquiring all or part of a branch of activity of a French entity, and, for investors from outside the EU and EEA only, crossing 25% of voting rights in a French entity or 10% of voting rights in a French company listed on a regulated market.

  Every person and entity in the investor's chain of control counts as an investor, including French nationals not tax-resident in France and French entities controlled by foreign persons (article R.151-1).Direction générale du Trésor · checked 2026-10-18

• The Ministry has 30 working days from a complete file to decide (Phase I) and a further 45 working days if a Phase II review is opened; no response within the deadline means the application is deemed rejected.

  Non-EU investors must also attach the EU cooperation-mechanism notification form (in English); the EU mechanism does not extend the national timetable.Direction générale du Trésor · checked 2026-10-18

Read the full guide: Deals, merger control, investment screening and restructuring