The Paris Court of Appeal took a very interesting decision which is granting more power to the AMF. It is guiding the AMF: it has to justify more thoroughly its decisions. So it is not that harsh a decision against the AMF which seems to be ready in changing its approach and in its willingness to protect minority shareholders.
Bolloré could be facing some tough times between this Court of Appeal decision and the AMF decision to declare the ex-Rivaud take out offers as non-compliant.
But all in all I think that it is very good news for minority shareholders in France.