to invest in YouTubes smaller rival DailyMotion, a unit of phone operator Orange SA (ORA) , in which the state is the single-biggest shareholder with a 27 percent stake. Orange Chief Executive Officer Stephane Richard had sought to sell a majority stake in DailyMotion to expand the brand and finance research. Industry Minister Montebourg summoned executives of the two companies to the finance ministry in April, giving them a dressing down and accusing the Orange executive of selling one of Frances crown jewels, said a person with direct knowledge of the discussion. The deal was abandoned. The new rules would add a level of complexity to a process that foreign buyers already deem cumbersome. Constraining Legislation Under the new rules, the workers committee of a target company will be able to name an accountant to assess a bid and would have a month to render its non-bidding view, which would be required before the board of the target company publishes its official response to a takeover offer. The works council could ask a judge to intervene if it feels it didnt get satisfactory responses to its queries, potentially delaying any deal. The reforms will make everything much more complex, particularly when the works council intervenes, Martel said. The law would also force a company with more than 1,000 employees that wants to close down a site to look for a buyer for three months. If it fails to do so or turns down a serious offer, a judge may impose a fine of up to 20 times the minimum wage for each job loss, or a maximum of 2 percent of annual sales. Our labor legislation is particularly constraining and is scaring off a lot of people, while foreign investment could help our economy, Olivier de Vilmorin, an M&A lawyer at Sullivan & Cromwell LLP in Paris, said in an interview. The proposed bill isnt likely to make France more attractive to investors. To contact the reporters on this story: Jacqueline Simmons in Paris at firstname.lastname@example.org ; Francois de Beaupuy in Paris at email@example.com ; Marie Mawad in Paris at firstname.lastname@example.org . To contact the editor responsible for this story: Vidya Root at email@example.com ; President Francois Hollande Philippe Wojazer/AFP via Getty Images President Francois Hollande speaks with employees during his visit of the ArcelorMittal steel factory in Florange on Sept.
France was backing Pakistan in its efforts to overcome power crisis and was investing to save 1000MW by improving the energy efficiency. Talking to media persons after inaugurating a road show titled, ‘World of Energy Efficiency for a better Pakistan,” here by Schneider Electric, a company which offers solutions for energy management, the ambassador said France was collaborating with other partners including World Bank and Asian Development Bank to improve efficiency of different energy-related projects. Replying to a question, he said France had international commitments and would abide by them with regard to the Pakistan-Iran gas pipeline project. The ambassador said Pakistan was a sovereign state and take decisions on its own for meeting the energy needs. As far as French government was concerned, he added, it would go by the international commitments, adding Pakistan had not requested for co-operation with regard to the Pak-Iran gas pipeline project. He said France was focusing on small projects including “Munda Dam” and other hydropower projects to efficiently overcome energy crisis in Pakistan. Earlier inaugurating the show, he said the road show was being held under the umbrella campaign ‘Experience Efficiency’ to showcase the complete energy solution portfolio of Schneider Electric under one-roof. He said the event would act as a platform to educate the national stakeholders about energy solutions and seek to address energy challenges by offering solutions that add value to one’s business in the long-run while aiming at all relevant audience of Schneider Electric-end users, government entities and the partners, the event will also touch upon key innovations leading to breakthroughs Schneider Electric have achieved globally including Ecostruxure, Struxureware and Smartstruxure. The event is being used as a platform to showcase Schneider Electric portfolio with integrated solutions that facilitate intelligent energy management for its customers. Benoit Dubarle, Country President – UAE, Oman & Pakistan, Schneider Electric Gulf said “Our road show offers a unique platform to identify new opportunities and a chance to meet with influential leaders and decision makers in the sectors we focus on – energy, IT, finance, government, hotels, healthcare and manufacturing. The event highlights the growing role of Pakistan in the Schneider Electric world and its effort to bring the best technologies and expertise in the energy management to customers in Pakistan. The event aims to deliver high quality networking and business development opportunities. It will also be the right occasion for the participants to meet with experts and specialists from Schneider Electric.” Further elaborating, Mohkam Sheikh, Vice President, Power Business Unit, Schneider Electric said that” One of the major focus of the event is our Ecostruxure booth, an integrated solution from Schneider Electric, which can reduce the energy consumption by 30 percent of a particular building or manufacturing facility. At the road show, Schneider Electric is exhibiting its industry-first solutions in the Energy Management space.