Tenter de saisir le pacte d’actionnaires face à la mutation du droit des sociétés incite àpoursuivre une démarche par étapes successives : une première est destinée à éprouverla viabilité d’une mise en relation des deux phénomènes, une seconde à explorer lesimplications de ce rapprochement. La démarche conduit, en un premier temps, àprendre appui sur ce qui apparaît comme un élément commun – la logique contractuelle– pour éclairer la capacité du pacte d’actionnaires à constituer une figure d’unedialectique renouvelée de la loi et du contrat.Dans le cas du pacte, le rattachement à l’ordre contractuel a à voir avec la nature mêmede cet instrument et apparaît comme un facteur crucial de son universalité. Cettedernière se manifeste aussi bien dans la capacité à transcender la distinction entre ledroit romano-germanique et le droit anglo-saxon que dans le polymorphisme dontl’étendue et les limites sont perceptibles au gré d’une approche typologique. Dans le casdu droit des sociétés, la contractualisation, si elle n’entretient pas un rapport deconsubstantialité, n’en est pas moins significative de l’évolution contemporaine en lamatière. Constitutive d’une modalité de la mutation du droit des sociétés, cette tendanceest plus particulièrement illustrée par trois mécanismes introduits au cours des vingtdernières années – la SAS, les actions de préférence et la fiducie – qui représentent unecapacité multiforme d’évidement à l’égard du pacte.En un second temps, par-delà l’absence d’incompatibilité entre le pacte et la mutation dudroit des sociétés, une quête peut être poursuivie afin d’explorer les implications de larelation qui est susceptible d’unir ces deux phénomènes et qui dessinent une doubleplasticité du pacte.La plasticité intrinsèque, qui regarde de manière prioritaire les parties au pacte, paraîttrouver dans le droit boursier un révélateur pertinent. Ce cadre particulier permet nonseulement de mettre à profit l’impératif de transparence comme palliatif à l’obstacle queconstitue la confidentialité du pacte, mais également, dans un contexte de contraintesrenforcées, d’éprouver la faculté du pacte d’incarner des orientations caractéristiquesd’une gouvernance d’entreprise efficace. La plasticité extrinsèque procède d’uneconception plus extensive. Celle-ci repose à la fois sur un phénomène spécifique aupacte, qui tient à son effectivité renouvelée par des voies réglementaire etjurisprudentielle, et sur son inscription dans un processus plus global d’altruismecontractuel, qui offre au pacte une capacité inédite de constituer un instrument derégulation paradigmatique d’une conception renouvelée du droit des sociétés. / The attempt at giving account of the shareholders’ agreement in view of the contrastingevolution of law ruling commercial and financial companies supposes several steps ofresearch. First of all, it calls for assessing the viability of correlating the two phenomena;secondly it means exploring the implications of this kind of parallel investigation; yetboth should remain inconclusive without a careful scrutiny of their common ground –the logic of contractual arrangements – so as to elucidate the ability of shareholders’agreements to offer a valid scheme of a renewed dialectical process of law versuscontract.From the standpoint of shareholders’ agreements, their very nature makes for theproximity to the contractual sphere, as a crucial factor of their universality. Thisaccounts for their capacity to bridge the gap between Roman-Germanic and Anglo-Saxonlegal tradition, as well as for its polymorphism whose extent and limitations must beworked out by way of a typological approach. In the perspective of legislation pertainingto companies, the process of contractualization corresponds to an obviouscontemporary trend, even if this is not tantamount to consubstantiality.Constituting one of the modalities of mutation to which corporate law has been subject,the above tendency is illustrated by three mechanisms introduced over the last twentyyears – the “Société par actions simplifiée”, the preferred shares and the trust – all ofwhich represent multifarious ways of substituting to shareholders’ agreements differentinstruments of legal practice.In a second phase, beyond the statement of at least partial compatibility betweenshareholders’ agreements and the mutations of legislation, a quest may be pursued inorder to explore the relationship virtually linking together these two phenomena, whichcan be described as encompassing a double plasticity, appearing under two distinctaspects. The intrinsic plasticity, concerning foremost the parties to the agreement,seems to find an adequate expression in stock exchange regulations. This framework notonly allows to take advantage of the imperative requirement of transparency, in guise ofa counterpoise to the requirement of confidentiality, but also, in a context of reinforcedstatutory rules, to test the capacity of shareholders’ agreements to establish an efficientcorporate governance. The extrinsic plasticity proceeds from a more overall conception.Resting upon a specific trait of shareholders’ agreements, it results in a renewedeffectivity in terms of regulation and of jurisprudence, as well as in a more globalprocess of contractual altruism, which afford to shareholders’ agreements anunprecedented capacity of paradigmatic regulation and a renewed conception of law.

<p>Trots principen om avtalets subjektiva begränsning kan det finnas skäl till att utöka ett aktieägaravtals verkningar mot förvärvande tredje man för att skydda beaktansvärda intressen. Då rättsläget är oklart är det av intresse att undersöka huruvida en tolkning med laganalogins hjälp mot sakrättens samt skiljerättens område kan klargöra rättsläget.</p><p>För att ge läsaren tillräcklig bakgrund för analysen beskrivs rättsläget vad gäller aktieägaravtal och de bakomliggande teorierna rörande den analogiska tillämpningen.<strong> </strong>Därefter analyseras undantag till avtalets subjektiva begränsning, varefter en diskussion följer där frågan huruvida analogier kan dras besvaras.<strong></strong></p><p>Resultatet av denna framställning är att en analogisk tillämpning kan göras mot de två undersökta rättsområdena, dock endast i begränsad utsträckning vad gäller skiljerättens område. En kombinerad applicering av möjliga analogier från sakrättens och skiljerättens områden på aktieägaravtal leder till ett resultat där aktieägaravtalets bundenhet mot både förvärvande tredje man samt kvarstående parter klargörs.</p> / <p>Despite the doctrine about privity of contract, there can be reasons to recognise effects of a shareholder’s agreement against acquiring third party to protect legitimate interests. Since the legal position is uncertain, it is of interest to examine whether an analogy of law towards indefeasible rights and arbitration agreements can clarify this uncertainty.</p><p>To give the reader enough background information for the analysis, the legal position regarding shareholder’s agreement and the basic theories about the application of analogies are described. Thereafter exceptions to the privity of contracts are analysed, after which a discussion where the question whether analogies can be made is answered.         <strong></strong></p><p>The result of this thesis is that an application by analogy can be made towards the two examined areas, but only to a limited extent regarding arbitration agreements. A combined application of analogies possible from indefeasible rights and arbitration agreements creates a result where the validity of a shareholder’s agreement towards both acquiring third party and remaining parties is clarified.</p>

Trots principen om avtalets subjektiva begränsning kan det finnas skäl till att utöka ett aktieägaravtals verkningar mot förvärvande tredje man för att skydda beaktansvärda intressen. Då rättsläget är oklart är det av intresse att undersöka huruvida en tolkning med laganalogins hjälp mot sakrättens samt skiljerättens område kan klargöra rättsläget. För att ge läsaren tillräcklig bakgrund för analysen beskrivs rättsläget vad gäller aktieägaravtal och de bakomliggande teorierna rörande den analogiska tillämpningen. Därefter analyseras undantag till avtalets subjektiva begränsning, varefter en diskussion följer där frågan huruvida analogier kan dras besvaras. Resultatet av denna framställning är att en analogisk tillämpning kan göras mot de två undersökta rättsområdena, dock endast i begränsad utsträckning vad gäller skiljerättens område. En kombinerad applicering av möjliga analogier från sakrättens och skiljerättens områden på aktieägaravtal leder till ett resultat där aktieägaravtalets bundenhet mot både förvärvande tredje man samt kvarstående parter klargörs. / Despite the doctrine about privity of contract, there can be reasons to recognise effects of a shareholder’s agreement against acquiring third party to protect legitimate interests. Since the legal position is uncertain, it is of interest to examine whether an analogy of law towards indefeasible rights and arbitration agreements can clarify this uncertainty. To give the reader enough background information for the analysis, the legal position regarding shareholder’s agreement and the basic theories about the application of analogies are described. Thereafter exceptions to the privity of contracts are analysed, after which a discussion where the question whether analogies can be made is answered.          The result of this thesis is that an application by analogy can be made towards the two examined areas, but only to a limited extent regarding arbitration agreements. A combined application of analogies possible from indefeasible rights and arbitration agreements creates a result where the validity of a shareholder’s agreement towards both acquiring third party and remaining parties is clarified.

Submitted by LARA BRITTO (lara@fiedra.com.br) on 2016-10-17T19:22:28Z No. of bitstreams: 3 Lara Britto -Depósio final - após ajustes 2.pdf: 2009370 bytes, checksum: c0710f4f915c2b23fa13be85a076b637 (MD5) Anexo I - CONTRATO_ACORDO DE ASSOCIAÇÃO.pdf: 5491476 bytes, checksum: b4e40f510f19709b3bd2caf05130ede9 (MD5) Anexo II - Acordo de Acionistas.pdf: 3510200 bytes, checksum: 5ed7f246cdedfbd6bb43101b43949cd1 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2016-10-18T12:07:48Z (GMT) No. of bitstreams: 3 Lara Britto -Depósio final - após ajustes 2.pdf: 2009370 bytes, checksum: c0710f4f915c2b23fa13be85a076b637 (MD5) Anexo I - CONTRATO_ACORDO DE ASSOCIAÇÃO.pdf: 5491476 bytes, checksum: b4e40f510f19709b3bd2caf05130ede9 (MD5) Anexo II - Acordo de Acionistas.pdf: 3510200 bytes, checksum: 5ed7f246cdedfbd6bb43101b43949cd1 (MD5) / Made available in DSpace on 2016-10-18T13:52:29Z (GMT). No. of bitstreams: 3 Lara Britto -Depósio final - após ajustes 2.pdf: 2009370 bytes, checksum: c0710f4f915c2b23fa13be85a076b637 (MD5) Anexo I - CONTRATO_ACORDO DE ASSOCIAÇÃO.pdf: 5491476 bytes, checksum: b4e40f510f19709b3bd2caf05130ede9 (MD5) Anexo II - Acordo de Acionistas.pdf: 3510200 bytes, checksum: 5ed7f246cdedfbd6bb43101b43949cd1 (MD5) Previous issue date: 2016-08-25 / This master's thesis aims at investigating the corporate shared control, specifically about potential deadlocks in corporate decisions that might occur due to the corporation’s share distribution structure, it’s organizational structure, or contractual arrangements undertaken by parties. The approach to the subject comes from the study of a real case (the case of the Companhia Brasileira de Distribuição). The research starts with the systematization of case data, a critical assessment of how the Company control shared between Abilio Diniz group and Casino group was structured, in 2005, from the point of view of form and content. The study aims to extract lessons, with generalization potential, on mechanisms for breaking deadlock where business dispute has arisen because there is no consensus in decision making. Part I is descriptive, and aims to make the reader aware of the context of the negotiation transactions and the proposal of shared control by the major shareholders, that was concentrated in two agreements: a 'joint venture agreement' and a 'shareholder’s agreement'. Part II has an analytical purpose and seeks to compare actual data vis-a-vis theoretical positions as it is found in the legal literature. / A presente dissertação de mestrado tem por objetivo investigar o compartilhamento de controle societário, especificamente em relação a possíveis impasses nas deliberações sociais suscetíveis de sobrevir em decorrência da composição societária, estrutura organizacional, ou mecanismos contratuais eleitos pelas partes. A abordagem é à luz de um estudo de um caso real (caso da Companhia Brasileira de Distribuição). Busca-se, então, a partir da sistematização de dados do caso, uma avaliação crítica sobre como foi estruturado, no ano de 2005, o compartilhamento de controle dessa Companhia entre o grupo de Abilio Diniz e o grupo Casino, do ponto de vista da forma e do conteúdo. O estudo direciona-se para lições, com potencial de generalização, sobre procedimentos de resolução de impasses em deliberações de órgãos de administração da sociedade quando, exigido o consenso, não há consenso no processo decisório. A Parte I do trabalho é descritiva, e objetiva inteirar o leitor do contexto da transação negocial e da proposta de compartilhamento entre os dois grupos, resumidamente concentrada em dois instrumentos contratuais: um acordo de associação e um acordo de acionistas. A Parte II tem finalidade analítica e busca contrapor dados reais do caso vis-a-vis posições teóricas encontradas na literatura jurídica.

La multiplication des pactes d’actionnaires dans les sociétés anonymes non cotées françaises et libanaises ne permet plus de reléguer leur efficacité au second plan, comme cela se faisait fréquemment dans la plupart des études consacrées aux pactes d’actionnaires. A la lumière des développements législatifs et jurisprudentiels rappelant ou affirmant la primauté de l’exécution en nature des obligations, cette thèse tente d’analyser les obstacles qui gênent l’exécution des pactes d’actionnaires et les moyens de les éviter ou de les contrer en vue d’assurer une efficacité optimale aux pactes. Ce faisant, les diverses limites qui sont systématiquement invoquées contre l’efficacité des pactes d’actionnaires seront passées en revue pour s’assurer de leur opportunité et de leur portée ; ceci aidera à affirmer la particularité des pactes d’actionnaires par rapport aux statuts sociaux, notamment pour ce qui se rapporte à l’ordre public sociétaire qui leur est applicable. Le but ultime se révélera être celui de rapprocher les solutions des droits français et libanais de celles des droits anglo-américains pour éviter, d’une part, l’abandon des lois françaises et libanaises et leur remplacement par les lois anglo-américaines, et, d’autre part, les problèmes de compatibilité qui pourraient survenir lorsque le pacte d’actionnaires est régi par une loi autre que la lex societatis. / The increase of the number of shareholders’ agreements in French and Lebanese unlisted joint-stock companies does not allow to relegate their efficiency to a second rank anymore, as it was frequently the case in most of the studies dedicated to shareholders’ agreements. In light of the legislative and judicial developments reminding or asserting the predominance of the specific performance of obligations, this thesis attempts to analyse the hurdles that hinder the enforcement of shareholders’ agreements and the means to avoid or overcome them in order to ensure an optimal efficiency of shareholders’ agreements. In doing so, the various limits to the efficiency of shareholders’ agreements that are systematically invoked shall be examined to verify their relevance and scope; this shall help to assert the particular nature of shareholders’ agreements in comparison to the by-laws of the company, especially in relation to the public policy in corporate matters that is applicable to them.The ultimate goal shall be to bring the solutions of the French and Lebanese laws closer to those of the Anglo-American laws to avoid, first, the laying aside of the French and Lebanese laws and their replacement by the Anglo-American laws, and second, the compatibility issues which may arise in case the shareholders’ agreement is governed by a law other than the one governing the company.