{"id":994,"date":"2015-08-12T08:04:39","date_gmt":"2015-08-12T08:04:39","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=994"},"modified":"2015-08-21T10:45:16","modified_gmt":"2015-08-21T10:45:16","slug":"clauses-contractuelles-changement-de-controle","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/","title":{"rendered":"Clauses contractuelles : changement de contr\u00f4le"},"content":{"rendered":"

Nous avons d\u00e9j\u00e0 \u00e9voqu\u00e9, dans un pr\u00e9c\u00e9dent article<\/a>,<\/strong> certaines des questions qui nous pr\u00e9occupent concernant l\u2019affaiblissement progressif des clauses contractuelles relatives aux obligations (autrement dit, les textes juridiques qui prot\u00e8gent le droit des porteurs d\u2019obligations) ces derni\u00e8res ann\u00e9es. Aujourd\u2019hui en revanche, c\u2019est l\u2019exemple d\u2019une clause intervenant au profit desdits porteurs que nous souhaitons \u00e9voquer, \u00e0 savoir la clause de changement de contr\u00f4le. Cet exemple illustre l\u2019importance que rev\u00eatent de telles clauses dans la protection des int\u00e9r\u00eats des investisseurs.<\/p>\n

Ce matin, la fusion entre Lowell Group, soci\u00e9t\u00e9 britannique de services financiers sp\u00e9cialis\u00e9s, et un concurrent allemand a \u00e9t\u00e9 annonc\u00e9e. Un changement de propri\u00e9taire est pr\u00e9vu dans le cadre de l\u2019op\u00e9ration. En cons\u00e9quence, la clause de \u00ab\u00a0changement de contr\u00f4le\u00a0\u00bb s\u2019applique. Cette clause autorise, sans le contraindre, le porteur d\u2019obligations \u00e0 revendre ses titres \u00e0 la soci\u00e9t\u00e9 au prix de 101\u00a0% de leur valeur nominale.<\/p>\n

Les obligations GBP 5,875\u00a0% 2019 de la soci\u00e9t\u00e9 se n\u00e9gocient en de\u00e7\u00e0 de ce niveau depuis la mi-2014. A la suite de l\u2019annonce d\u2019aujourd\u2019hui, on constate dans le graphique ci-dessous que le cours a progress\u00e9 d\u2019un peu plus de 3\u00a0% pour atteindre ce niveau de 101. Dans la mesure o\u00f9 la nouvelle entit\u00e9 fusionn\u00e9e sera davantage endett\u00e9e, on peut affirmer que, sans cette clause, le cours des obligations aurait tr\u00e8s certainement chut\u00e9 pour refl\u00e9ter le risque de cr\u00e9dit accru qu\u2019elle pr\u00e9sente. On voit ici clairement la valeur \u00e9conomique que rev\u00eat cette clause contractuelle.<\/p>\n

\"2015-08<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nous avons d\u00e9j\u00e0 \u00e9voqu\u00e9, dans un pr\u00e9c\u00e9dent article, certaines des questions qui nous pr\u00e9occupent concernant l\u2019affaiblissement progressif des clauses contractuelles relatives aux obligations (autrement dit, les textes juridiques qui prot\u00e8gent le droit des porteurs d\u2019obligations) ces derni\u00e8res ann\u00e9es. Aujourd\u2019hui en revanche, c\u2019est l\u2019exemple d\u2019une clause intervenant au profit desdits porteurs que nous souhaitons \u00e9voquer, \u00e0 savoir la clause de changement de contr\u00f4le. Cet exemple illustre l\u2019importance que rev\u00eatent de telles clauses dans la protection des int\u00e9r\u00eats des investisseurs. Ce matin, la fusion entre Lowell Group,…<\/p>\n","protected":false},"author":62,"featured_media":1010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20,23],"tags":[124],"class_list":["post-994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-categories-obligataires","category-credit","tag-obligations-de-societes"],"acf":[],"yoast_head":"\nClauses contractuelles : changement de contr\u00f4le - Francais<\/title>\n<meta name=\"description\" content=\"Nous avons d\u00e9j\u00e0 \u00e9voqu\u00e9, dans un pr\u00e9c\u00e9dent article, certaines des questions qui nous pr\u00e9occupent concernant l\u2019affaiblissement progressif des clauses\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Tomlins\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/\"},\"author\":{\"name\":\"James Tomlins\",\"@id\":\"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/191e5927bd1b373f71f0eb68646d0f9f\"},\"headline\":\"Clauses contractuelles : changement de contr\u00f4le\",\"datePublished\":\"2015-08-12T08:04:39+00:00\",\"dateModified\":\"2015-08-21T10:45:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/\"},\"wordCount\":278,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-blog-JT_FR.png\",\"keywords\":[\"obligations de soci\u00e9t\u00e9s\"],\"articleSection\":[\"cat\u00e9gories obligataires\",\"Cr\u00e9dit\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/\",\"url\":\"https:\/\/bondvigilantes.com\/francais\/2015\/08\/clauses-contractuelles-changement-de-controle\/\",\"name\":\"Clauses contractuelles : changement de contr\u00f4le - 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