Arnaud Félix
Partner, Corporate


T: +33 1 56 88 21 21
D: +33 1 76 40 15 61
M: +33 6 71 05 53 77


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Summary Open

Arnaud is a Partner in the Corporate group in the Paris office of Watson Farley & Williams.

A specialist in M&A, private equity and securities law, he also focuses on complex, cross-border and stock market transactions as well as company law and corporate governance. His clients range from public companies, major industrial groups and banks to both private and public investment funds. In addition, Arnaud regularly contributes articles on securities law to French legal reviews.

Arnaud previously worked for global law firms in Paris and New York. He began his career as a judge seconded to the French Securities and Exchange Commission (Commission des Opérations de Bourse, now known as Autorité des Marchés Financiers).

Arnaud attended the prestigious post-graduate École Nationale d’Administration (ENA, the National School of Administration) having graduated from the Institut d’Études Politiques in Paris. Arnaud also holds a Master of Economics degree from the University of Paris-Dauphine.

Experience Open

    • Advising Havas in Groupe Bolloré’s exchange offer
    • Advising the French state in connection with the orderly resolution plan of Crédit Immobilier de France (CIF)
    • Advising Technip in the acquisition of Cybernétix followed by a mandatory offer and squeeze-out
    • Advising Technip in the acquisition of a strategic stake in MHB (an affiliate of Petronas) concurrently with its IPO
    • Advising Mubadala in its co-investment agreement with CDC International
    • Advising Siemens in the contribution of its IT solutions business to Atos
    • Advising CDC and CDC Infrastructure in the acquisition of a minority stake in GRTgaz together with CNP Assurances
    • Advising CDC Infrastructure in its joint investment with UBS in the Norwegian Gassled
    • Advising a Russian consortium in the acquisition of Lagardère’s radio business in Russia
    • Advising Hearst in the acquisition of Lagardère’s magazine business
    • Advising the Fonds Stratégique d’Investissement (FSI) in its investment in Compagnie Daher
    • Advising Babcock&Brown in the sale of Eurowatt
    • Advising GSquare in its investment in Grupo SAR
    • Advising the Great Duchy of Luxembourg in the sale of BGL SA shares to BNP Paribas

Education Open

  • 1995 – 1998: National School of Administration (École Nationale d’Administration (ENA))
  • 1994: University of Paris IX – Dauphine, Paris, Graduate degree in Economics (DEA)
  • 1990 – 1993: Institute of Political Studies, Paris (Institut d’Études Politiques de Paris)

Author/Speaker/Awards Open

  • “In the reasonable investor’s mind: how to assess materiality?” (“Dans la peau de l’investisseur raisonnable : comment apprécier la sensibilité ?”), Bulletin Joly Bourse, no. 3, 1 May 2017
  • “Disclosure of information of public companies and competition proceedings” (ʺCommunication des sociétés cotées et procédures concurrenceʺ), (co-authored with Marie de Drouas), in Concurrences/Competition Law Review, No. 2 2016
  • “The necessity of setting limits to acting in strategic concert” (“De la nécessité de border le concert stratégique”) in Bulletin Joly Bourse, no. 12, 1 December 2015
  • “The unstoppable rise of social media: should listed companies be cautious?” (L’irrésistible ascension des réseaux sociaux : les sociétés cotées doivent-elles être prudentes ?) in Bulletin Joly Bourse, no. 5, 1 May 2015
  • “Is the French State above market regulations?” (L’État est-il au-dessus des règles de marché ?) in Bulletin Joly Bourse, November 1, 2014 n° 11
  • ʺDisclosure Requirements for French Public Issuers Under Governmental Investigations” (La communication des sociétés cotées au sujet des enquêtes) (co-authored with Marie de Drouas), in Revue Trimestrielle de Droit Financier (RTDF), No3, 2013
  • ʺThe Concept of Internal Controlʺ (Le contrôle interne : le concept), Proceedings of the Symposium “Corporate Accounting and Criminal Fraud Accountability” organized by the Center for Economic Criminal Law of the University of Cergy-Pontoise, dated December 16, 2005, in Les Petites Affiches, April 12, 2007, No. 74
  • ʺThe Adaptation of the Provisions of the Market Abuse Directive on Share Repurchases by the AMF: What Does Remain of the Safe Harbour?ʺ (La transposition par l’AMF de la Directive Abus de marché en matière de rachat d’actions : que reste-t-il du safe harbor?) in Revue de Droit Bancaire et Financier, No. 5, Sept. – Oct. 2005
  • ʺNew Reporting Obligations for Companies Listed in Paris?” (De nouvelles obligations pour les societies cotées à Paris), commentary on a decision of the AMF Sanction Commission, June 17, 2004, in Bull. Joly Bourse – Nov. – Dec. 2004
  • “Implementing Tracking Stocks in France” (L’introduction en France d’actions traçantes), AMF Report, July 2000 (co-author)

Membership of Professional Societies Open

  • Association des Avocats en Droit Boursier (the French association of securities lawyers)

Employment Record Open

  • 2008 – 2015: Counsel, Clifford Chance
  • 2005 – 2008: Associate, Weil, Gotshal & Manges, New York & Paris
  • 2001 – 2005: Associate, Shearman & Sterling
  • 1999 – 2000: French Securities and Exchange Commission (now the Autorité des Marchés Financiers or Financial Markets Regulator)
  • 1998: Magistrate, Counselor, Administrative Court, Rouen

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