Published in L'Écho on 31 January 2023

Frédéric Waucquez, a minority shareholder of Entreprises et Chemins de Fer en Chine (ECFC), is challenging the valuation of its shares in court. Fingaren, the Paquot family's company that controls ECFC, offered €5,785 per share in May 2022 to acquire all outstanding shares. Waucquez, represented by Nicolas Vanderstappen and Laurent Robert, argues that the shares are worth two to three times more, disputing a valuation report by Banque Degroof.

Some shareholders accepted the offer, but others, including Waucquez, refused, citing undervaluation. Fingaren allegedly pressured Waucquez to accept the offer, threatening liquidation of the company otherwise. The case has moved forward with a court-set schedule for exchanging arguments, with a hearing expected by the end of March 2023 if no agreement is reached.