Contribution and merger commissions

The purpose of the contributions auditor is to assess the value of assets contributed to a company at the time of its incorporation or at the time of a capital increase and, where applicable, that of any special advantages stipulated at the time of the incorporation or capital increase. The merger commissioner's objective is to assess the merger transaction by verifying the evaluation criteria used by the companies and therefore whether the exchange ratio is fair.

To meet the above objectives, our teams of experts carry out the procedures that we consider necessary, in particular:

• Assess the relevance of the scope of the contributions;
• To control the correct evaluation of the contributions taken individually;
• To verify that the real value of the contributions, taken as a whole, is at least equal to the value of the contributions proposed in the Treaties;
• To control the risks attached to the assets contributed and to assess the possible impact of elements likely to affect their ownership;
• to assess the impact on the individual value of the contributions of events occurring between the effective date of the transaction and the date of our report;
• To verify the relevance of the relative values of the shares of the companies participating in the operation;
• To verify the fairness of the exchange ratio.