Didier Pineau-Valencienne

Didier Pineau-Valencienne was detained for twelve days in Brussels in 1994 and charged with offences including forgery, use of forged documents, fraud and accounting offences relating to Cofibel and Cofimines. In 2006, the court upheld certain charges, including forgery and fraud relating to information supplied to minority shareholders during acquisition offers.

State of the evidence

Established by a court

Attribution

Personally implicated

After several years of uncertainty over his succession, Pineau-Valencienne faced shareholder pressure to clarify Schneider's future leadership. Some directors considered that the uncertainty was becoming harmful to the group; he eventually announced Henri Lachmann as his successor for 1999.

State of the evidence

Documented

Legal status — source text

Not applicable

Attribution

Directly implicated

After several acquisitions, Schneider faced public criticism over debt representing approximately 65% of shareholders' equity, substantial goodwill and profitability regarded as inadequate. Departures of executives and Pineau-Valencienne's isolation also raised questions about management.

State of the evidence

Documented

Legal status — source text

Not applicable

Attribution

Directly implicated

Schneider launched a hostile takeover of Square D. The target company went to the US courts, invoking, among other matters, the Clayton Act, anti-competitive risks and the potential use of confidential information disclosed during earlier negotiations.

State of the evidence

Allegations

Attribution

Directly implicated

Schneider launched a takeover bid for Télémécanique despite opposition from its management and a coalition of trade unions. The battle lasted approximately five months, mobilised employee shareholders and cost nearly seven billion francs before Schneider gained control.

State of the evidence

Documented

Attribution

Directly implicated

Under Didier Pineau-Valencienne's chairmanship, Creusot-Loire approached bankruptcy after several rescue plans. The group filed for bankruptcy in 1984, in what was then described as the largest bankruptcy in French industrial history, affecting nearly 30,000 employees. The case became a major confrontation between management, unions and the state over financing, public control and dismantling of the group.

State of the evidence

Documented

Attribution

Directly implicated