Article 231-32 into force since 12 July 2012

The offer opens on the trading day after the latest of the following events:

1. Distribution of the approved offer document prepared by the offeror (where applicable, jointly with the target company) or, in the cases provided for by Article 261-1, distribution of the reply document prepared by the target company;

2. Distribution of the information mentioned in Article 231-28;

3. Where applicable, receipt by the AMF of any prior authorisations required by law.

The AMF publishes the opening and closing dates of the offer and the release date of the outcome of the offer.