Professionals

3. When does notification have to be made of transactions in securities carrying voting rights or conferring access to voting rights in the offeree company, the offeror or the company whose securities are being offered by way of consideration?

The obligation, pursuant to Article 12 of the Takeover Decree, to notify transactions in securities carrying voting rights or that confer access to voting rights in the offeree company, the offeror or the company whose securities are being offered as consideration, takes effect in principle as from the date of the press release published in application of Article 8, § 1.

In order to inform potential notifiers about which companies they must make notifications for, the FSMA publishes on its website a list of pending takeover bids. The list includes both cases where a potential bidder has made known its intention to launch a bid and those where a dossier has already formally been submitted to the FSMA.