{"id":18809,"date":"2016-11-18T00:30:34","date_gmt":"2016-11-17T23:30:34","guid":{"rendered":"https:\/\/valoxy.org\/blog\/?p=18809"},"modified":"2025-11-28T17:10:59","modified_gmt":"2025-11-28T16:10:59","slug":"parite-echanges-valorisation-apports-fusions","status":"publish","type":"post","link":"https:\/\/valoxy.org\/blog\/parite-echanges-valorisation-apports-fusions\/","title":{"rendered":"La parit\u00e9 des \u00e9changes dans les fusions"},"content":{"rendered":"<p style=\"text-align: justify;\">Les fusions entra\u00eenent une augmentation de capital dans la soci\u00e9t\u00e9 absorbante. Cette augmentation de capital s\u2019explique par l\u2019entr\u00e9 des actionnaires de la soci\u00e9t\u00e9 absorb\u00e9e et par l\u2019apport dans la soci\u00e9t\u00e9 absorbante du patrimoine de la soci\u00e9t\u00e9 absorb\u00e9e. En \u00e9change de leur accord pour la fusion (qui entra\u00eene <strong>la dissolution de la soci\u00e9t\u00e9 absorb\u00e9e<\/strong>) les actionnaires de l\u2019absorb\u00e9e vont <strong>\u00e9changer leurs actions<\/strong> contre des actions de la soci\u00e9t\u00e9 absorbante. La premi\u00e8re question consiste alors \u00e0 d\u00e9terminer la parit\u00e9 des \u00e9changes d&rsquo;actions : <strong>A combien d&rsquo;actions de la soci\u00e9t\u00e9 absorbante donnent droit les actions de la soci\u00e9t\u00e9 absorb\u00e9e ? <\/strong>La deuxi\u00e8me question concerne la valorisation de l\u2019apport du patrimoine de la soci\u00e9t\u00e9 absorb\u00e9e dans la soci\u00e9t\u00e9 absorbante:<strong> La valeur retenue doit-elle \u00eatre la valeur comptable ou la valeur r\u00e9elle ?<\/strong><\/p>\n<p style=\"text-align: justify;\">Valoxy, cabinet d&rsquo;expertise comptable dans les Hauts de France, r\u00e9pond \u00e0 ces questions sur les fusions.<\/p>\n<h2 style=\"text-align: justify;\">Valoriser les entreprises et d\u00e9terminer la parit\u00e9 d\u2019\u00e9change<\/h2>\n<p style=\"text-align: justify;\">Afin de d\u00e9terminer le nombre de titres auxquels les actionnaires de la soci\u00e9t\u00e9 absorbante ont droit de la mani\u00e8re la plus juste possible, il convient de d\u00e9terminer la <strong>valeur de l\u2019entreprise.<\/strong><\/p>\n<p style=\"text-align: justify;\"><div class=\"encadre-style\"> Pour d\u00e9terminer la valeur r\u00e9elle d\u2019une action, il convient de proc\u00e9der \u00e0 <strong>une \u00e9valuation de l\u2019entreprise.<\/strong> Pour mieux appr\u00e9hender ce concept nous vous renvoyons \u00e0 nos <a href=\"https:\/\/valoxy.org\/blog\/evaluation-entreprise-mode-emploi\/\" target=\"_blank\" rel=\"noopener noreferrer\">diff\u00e9rents articles sur les m\u00e9thodes d\u2019\u00e9valuation.<\/a> <\/div><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"wp-image-11361 alignleft\" src=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/placement-4-1.jpg\" alt=\"Parit\u00e9 des \u00e9changes et valorisation des \u00e9changes en cas de fusions\" width=\"103\" height=\"69\" srcset=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/placement-4-1.jpg 536w, https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/placement-4-1-300x201.jpg 300w\" sizes=\"(max-width: 103px) 100vw, 103px\" \/>Une fois que la m\u00e9thode d\u2019\u00e9valuation a permis de d\u00e9terminer avec pr\u00e9cision les valeurs des entreprises absorb\u00e9e et absorbante, il faut <strong>d\u00e9terminer la parit\u00e9 d\u2019\u00e9change.<\/strong> Afin d\u2019expliquer le processus de calcul nous allons prendre un exemple simplifi\u00e9.<\/p>\n<h4 style=\"text-align: justify;\">Exemple:<\/h4>\n<p style=\"text-align: justify;\">La soci\u00e9t\u00e9 absorbante \u00e0 une valeur apr\u00e8s \u00e9valuation de <strong>8\u00a0000 000 \u20ac<\/strong> pour un total de<strong> 40\u00a0000 actions.<\/strong> La valeur d\u2019une action est donc de<strong> (8\u00a0000\u00a0000 \/ 40\u00a0000) = 200 \u20ac<\/strong><\/p>\n<p style=\"text-align: justify;\">La soci\u00e9t\u00e9 absorb\u00e9e \u00e0 une valeur apr\u00e8s \u00e9valuation de<strong> 2\u00a0000\u00a0000 \u20ac<\/strong> pour un total de<strong> 20\u00a0000 actions.<\/strong> La valeur d\u2019une action est donc de <strong>(2\u00a0000\u00a0000 \/ 20\u00a0000) = 100 \u20ac<\/strong><\/p>\n<p style=\"text-align: justify;\">L\u2019action de la soci\u00e9t\u00e9 absorb\u00e9e vaut donc deux fois moins qu\u2019une action de la soci\u00e9t\u00e9 absorbante. Il faut donc avoir deux actions de la soci\u00e9t\u00e9 absorb\u00e9e pour avoir droit \u00e0 une action de la soci\u00e9t\u00e9 absorbante. La parit\u00e9 d\u2019\u00e9change est donc de <strong>2 actions<\/strong> de l\u2019absorb\u00e9e pour une de l\u2019absorbante.<\/p>\n<p style=\"text-align: justify;\"><div class=\"encadre-style\">Notre exemple est volontairement simplifi\u00e9. Dans la pratique les parit\u00e9s d\u2019\u00e9changes tombent rarement juste. Il faut alors arrondir les valeurs ou pratiquer un syst\u00e8me de soulte. Attention, pour b\u00e9n\u00e9ficier du r\u00e9gime fiscal de faveur, la soulte <strong>doit \u00eatre limit\u00e9e \u00e0 10%<\/strong> de la valeur nominale des actions. <\/div><\/p>\n<p style=\"text-align: justify;\">Pour garantir la justesse du calcul de la parit\u00e9 d\u2019\u00e9change, il est pr\u00e9f\u00e9rable :<\/p>\n<ul>\n<li style=\"text-align: justify;\">que la m\u00e9thode d\u2019\u00e9valuation<strong> soit identique<\/strong> dans les deux soci\u00e9t\u00e9s<\/li>\n<li style=\"text-align: justify;\">et que l\u2019arr\u00eat des comptes servant de base \u00e0 la fusion ait lieu \u00e0\u00a0la m\u00eame date.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><img decoding=\"async\" class=\"alignright wp-image-11578\" src=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/domicile-1.jpg\" alt=\"Parit\u00e9 des \u00e9changes et valorisation des \u00e9changes en cas de fusions\" width=\"149\" height=\"99\" srcset=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/domicile-1.jpg 542w, https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/domicile-1-300x199.jpg 300w\" sizes=\"(max-width: 149px) 100vw, 149px\" \/>L\u2019\u00e9valuation d\u2019une entreprise repose souvent sur la prise en compte r\u00e9elle des actifs, diff\u00e9rente de la valeur comptable inscrite au bilan.\u00a0En effet un bien poss\u00e9d\u00e9 par l&rsquo;entreprise (par exemple un immeuble), est susceptible de prendre de la valeur alors que, comptablement le bien <strong>sera amorti, entra\u00eenant une diminution de sa valeur.<\/strong><\/p>\n<p style=\"text-align: justify;\">Quelles valeurs faut-il alors retenir pour la transmission du patrimoine de la soci\u00e9t\u00e9 absorb\u00e9e\u00a0?<\/p>\n<h2 style=\"text-align: justify;\">La valorisation des apports dans les fusions.<\/h2>\n<p style=\"text-align: justify;\">La d\u00e9termination de la valeur des \u00e9changes se fait \u00e0 la valeur r\u00e9elle. Il peut donc sembler logique que la valeur d\u2019apport soit d\u00e9termin\u00e9e selon le m\u00eame principe.<\/p>\n<p style=\"text-align: justify;\">La r\u00e9glementation est plus complexe. Il faut retenir la valeur r\u00e9elle des biens en cas de prise de contr\u00f4le. Il faut retenir la valeur comptable pour les op\u00e9rations de restructurations.<\/p>\n<p style=\"text-align: justify;\"><div class=\"encadre-style\"> Une fusion est qualifi\u00e9e \u00ab\u00a0\u00e0 l\u2019endroit\u00a0\u00bb si la cible est la soci\u00e9t\u00e9 absorb\u00e9e et l\u2019initiatrice est la soci\u00e9t\u00e9 absorbante. La fusion est dite \u00ab\u00a0\u00e0 l\u2019envers\u00a0\u00bb si la cible est l\u2019<strong>absorbante<\/strong> et<strong> l\u2019initiatrice est l\u2019absorb\u00e9e<\/strong>. <\/div><\/p>\n<p>La tableau ci-dessous pr\u00e9sente les cas dans lesquels il faut retenir la valeur comptable ou la valeur r\u00e9elle lors des fusions.<\/p>\n<p style=\"text-align: justify;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-18824 aligncenter\" src=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2016\/11\/tableau-fusions-1.jpg\" alt=\"Fusions : la parit\u00e9 des \u00e9changes et valorisation des apports\" width=\"729\" height=\"297\" srcset=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2016\/11\/tableau-fusions-1.jpg 729w, https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2016\/11\/tableau-fusions-1-300x122.jpg 300w\" sizes=\"(max-width: 729px) 100vw, 729px\" \/><\/p>\n<p style=\"text-align: justify;\">La notion de contr\u00f4le est d\u00e9termin\u00e9e de la m\u00eame fa\u00e7on que pour les comptes consolid\u00e9s lorsque la soci\u00e9t\u00e9 :<\/p>\n<ul style=\"text-align: justify;\">\n<li><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-11742 alignleft\" src=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/liste2-gimp-70-1.jpg\" alt=\"Parit\u00e9 des \u00e9changes et valorisation des \u00e9changes en cas de fusions\" width=\"197\" height=\"212\" srcset=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/liste2-gimp-70-1.jpg 335w, https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2015\/10\/liste2-gimp-70-1-280x300.jpg 280w\" sizes=\"(max-width: 197px) 100vw, 197px\" \/>d\u00e9tient directement ou indirectement la majorit\u00e9 des droits de vote.<\/li>\n<li>exerce un contr\u00f4le dominant du fait d\u2019une convention ou de clauses statutaires.<\/li>\n<li>a d\u00e9sign\u00e9 pendant deux exercices la majorit\u00e9 des membres des organes de direction, o\u00f9 elle d\u00e9tient directement ou indirectement plus de 40% du capital et aucun autre actionnaire ne d\u00e9tient une fraction du capital sup\u00e9rieure \u00e0 40%.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\">Conclusion<\/h2>\n<p style=\"text-align: justify;\">La d\u00e9termination de <strong>la parit\u00e9 des \u00e9changes et la valorisation des apports<\/strong> en nature sont deux \u00e9tapes majeures dans les op\u00e9rations de fusion. (La d\u00e9termination de la parit\u00e9 des \u00e9changes prend souvent plus de temps que la d\u00e9termination de la valeur d\u2019apport). Une fois ces deux \u00e9tapes termin\u00e9es, il est possible de proc\u00e9der \u00e0 la<strong> comptabilisation des op\u00e9rations de fusion.<\/strong><\/p>\n<p>Pour plus d\u2019informations sur la parit\u00e9 des \u00e9changes et les fusions, retrouvez nos articles sur le blog de Valoxy :<\/p>\n<ul>\n<li><a href=\"https:\/\/valoxy.org\/blog\/regime-fiscal-fusions\/\" target=\"_blank\" rel=\"noopener noreferrer\">Le r\u00e9gime fiscal des fusions<\/a><\/li>\n<li><a href=\"https:\/\/valoxy.org\/blog\/boni-mali-de-fusion-de-quoi-sagit\/\" target=\"_blank\" rel=\"noopener noreferrer\">Le boni et mali de fusion<\/a><\/li>\n<li><a href=\"https:\/\/valoxy.org\/blog\/boni-mali-de-fusion-de-quoi-sagit\/\" target=\"_blank\" rel=\"noopener noreferrer\">Les op\u00e9rations de fusion, de quoi s\u2019agit-il ?<\/a><\/li>\n<li><a href=\"https:\/\/valoxy.org\/blog\/role-commissaire-fusion\/\" target=\"_blank\" rel=\"noopener noreferrer\">Le commissaire \u00e0 la fusion; quel r\u00f4le joue-t-il ?<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Les fusions entra\u00eenent une augmentation de capital dans la soci\u00e9t\u00e9 absorbante. Cette augmentation de capital s\u2019explique par l\u2019entr\u00e9 des actionnaires de la soci\u00e9t\u00e9 absorb\u00e9e et par l\u2019apport dans la soci\u00e9t\u00e9 absorbante du patrimoine de la soci\u00e9t\u00e9 absorb\u00e9e. En \u00e9change de&#8230;<\/p>\n","protected":false},"author":1,"featured_media":16743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,10],"tags":[],"class_list":["post-18809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-comptabilite","category-fiscalite"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>La parit\u00e9 des \u00e9changes dans les fusions | Blog Valoxy - Expertise comptable<\/title>\n<meta name=\"description\" content=\"Lors d&#039;une fusion, comment valoriser les apports r\u00e9alis\u00e9s et d\u00e9terminer en contrepartie la parit\u00e9 des \u00e9changes ?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/valoxy.org\/blog\/parite-echanges-valorisation-apports-fusions\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"La parit\u00e9 des \u00e9changes dans les fusions | Blog Valoxy - 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