France – GVT Control of Foreign Investment

France – GVT Control of Foreign Investment

On 29 December 2023, FR GVT published law on the threshold of voting rights.

  • FR GVT issued decree no. 2023-1293 relating to foreign investments in France (IEF).
  • Measure to control crossing of 10% threshold of voting rights by a non-European investor in listed companies will be made permanent, scope of control extended.

IEF Control

  • Control of foreign investment in France extended to acquisitions of branches in France of entities governed by foreign law; processing/extraction of critical raw materials.
  • Includes simplification measures in terms of exemptions for intra-group reorganizations and revision of conditions; makes various coordinating amendments.
  • Activities involving the extraction, processing, recycling of critical raw materials, which are essential for protection of national interests, will now be eligible for IEF control.
  • Research and development activities in photonics and low-carbon energy production technologies will now be eligible for control, when intended to a regulatory sector.


  • Decree enters into force on 1 January 2024.