SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _________)*
Flamel Technologies S.A.
(Name of Issuer)
Ordinary Shares, Nominal Value (Euro) 0.122 Per Share
(Title of Class of Securities)
ISIN NO. FR0004018711 (ADSs)
338488109 (ADSs)
(CUSIP Number)(1)
March 26, 2010
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act (however, see the
Notes).
- -----------------
(1) The Ordinary Shares have no CUSIP number. The ISIN number for the Ordinary
Shares is FR0004018711. The CUSIP number for the ADSs is 338488109.
(Page 1 of 15 Pages)
CUSIP No. 338488109 13G Page 2 of 15 Pages
ISIN No. FR0004018711
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
O.S.S. Capital Management LP
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
3,200,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
3,200,000
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
3,200,000
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
13.21%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 338488109 13G Page 3 of 15 Pages
ISIN No. FR0004018711
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners I LP
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
209,827
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
209,827
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
209,827
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.87%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 338488109 13G Page 4 of 15 Pages
ISIN No. FR0004018711
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
Oscar S. Schafer & Partners II LP
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
1,796,744
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,796,744
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,796,744
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
7.42%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 338488109 13G Page 5 of 15 Pages
ISIN No. FR0004018711
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
O.S.S. Overseas Master Fund Ltd.
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
1,111,348
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,111,348
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,111,348
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.59%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
CO
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 338488109 13G Page 6 of 15 Pages
ISIN No. FR0004018711
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
O.S.S. Advisors LLC
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
2,006,571
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,006,571
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,006,571
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.28%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 338488109 13G Page 7 of 15 Pages
ISIN No. FR0004018711
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
Schafer Brothers LLC
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
-0-
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
3,200,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
-0-
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
3,200,000
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
3,200,000
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
13.21%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 338488109 13G Page 8 of 15 Pages
ISIN No. FR0004018711
- ----------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE
PERSONS (ENTITIES ONLY)
Oscar S. Schafer
- -----------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
50,000
SHARES ______________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
3,200,000
OWNED BY ______________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
50,000
REPORTING ______________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
3,200,000
- -----------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
3,250,000
- -----------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
- -----------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
13.42%
- -----------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
- -----------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 338488109 13G Page 9 of 15 Pages
ISIN No. FR0004018711
ITEM 1.
(a) NAME OF ISSUER:
Flamel Technologies S.A.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
Parc Club du Moulin a Vent
33 avenue du Dr. Georges Levy
69693 Venissieux cedex France
Item 2(a). NAME OF PERSON FILING:
(i) Oscar S. Schafer & Partners I LP, a Delaware limited
partnership ("OSS I"), with respect to the Ordinary Shares
(as defined in Item 2(d) below) directly owned by it;
(ii) Oscar S. Schafer & Partners II LP, a Delaware limited
partnership ("OSS II", and together with OSS I, the
"Partnerships"), with respect to the Ordinary Shares
directly owned by it;
(iii) O.S.S. Advisors LLC, a Delaware limited liability company
(the "General Partner"), which serves as the general partner
of each of the Partnerships, with respect to the Ordinary
Shares directly owned by each of the Partnerships;
(iv) O.S.S. Overseas Master Fund Ltd., a Cayman Islands exempted
company ("OSS Overseas Master"), with respect to the
Ordinary Shares directly owned by it;
(v) O.S.S. Capital Management LP, a Delaware limited partnership
(the "Investment Manager"), which serves as investment
manager and management company, to OSS Overseas Master, the
Partnerships and a certain account managed by it (the
"Managed Account"), respectively, and has investment
discretion with respect to the Ordinary Shares directly
owned by OSS Overseas Master, the Partnerships and the
Managed Account.
(vi) Schafer Brothers LLC, a Delaware limited liability company
(the "SB LLC"), which serves as the general partner to the
Investment Manager, with respect to the Ordinary Shares
directly owned by OSS Overseas Master, the Partnerships and
the Managed Account; and
(vii) Mr. Oscar S. Schafer ("Mr. Schafer"), who serves as the
senior managing member of the General Partner and of
CUSIP No. 338488109 13G Page 10 of 15 Pages
ISIN No. FR0004018711
SB LLC, with respect to the Ordinary Shares directly owned
by the Partnerships, OSS Overseas Master and the Managed
Account.
The Partnerships, OSS Overseas Master, the General Partner, the Investment
Manager, SB LLC and Mr. Schafer are hereinafter sometimes collectively referred
to as the "Reporting Persons." Any disclosures herein with respect to persons
other than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.
ITEM 2.
(a) NAME OF PERSON FILING
(i) O.S.S. Capital Management LP
(ii) Oscar S. Schafer & Partners I LP
(iii) Oscar S. Schafer & Partners II LP
(iv) O.S.S. Overseas Master Fund Ltd.
(v) O.S.S. Advisors LLC
(vi) Schafer Brothers LLC
(vii) Oscar S. Schafer
(b) ADDRESS OF PRINCIPAL OFFICE, OR, IF NONE, RESIDENCE
The address of the principal business offices of each of:
(i) Investment Manager
598 Madison Avenue
New York, NY 10022
(ii) OSS I
598 Madison Avenue
New York, NY 10022
(iii) OSS II
598 Madison Avenue
New York, NY 10022
(iv) OSS Overseas Master
Walkers Corporate Services Limited
Mary Street
George Town, Grand Cayman, KY1-9005
Cayman Islands
(v) General Partner
598 Madison Avenue
New York, NY 10022
(vi) SB LLC
598 Madison Avenue
New York, NY 10022
(vii) Mr. Schafer
598 Madison Avenue
New York, NY 10022
CUSIP No. 338488109 13G Page 11 of 15 Pages
ISIN No. FR0004018711
(c) CITIZENSHIP
(i) Investment Manager - Delaware, USA
(ii) OSS I - Delaware, USA
(iii) OSS II - Delaware, USA
(iv) OSS Overseas Master - Cayman Islands
(v) General Partner - Delaware, USA
(vi) SB LLC - Delaware, USA
(vii) Mr. Schafer - New York, USA
(d) TITLE OF CLASS OF SECURITIES
Ordinary Shares, Nominal Value (Euro) 0.122 Per Share, which
are owned in the form of ADSs ("Ordinary Shares")
(e) CUSIP NUMBER
The Ordinary Shares have no CUSIP number. The ISIN number for
the Ordinary Shares is FR0004018711. The CUSIP number for the
ADSs is 338488109.
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act of 1940,
(e) [ ] Investment Adviser in accordance with Rule
13d-1(b)(1)(ii)(E),
(f) [ ] Employee Benefit Plan or Endowment Fund in accordance
with 13d-1(b)(1)(ii)(F),
(g) [ ] Parent Holding Company or control person in accordance
with Rule 13d-1(b)(1)(ii)(G),
(h) [ ] Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act,
(i) [ ] Church Plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act of 1940,
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Not applicable.
CUSIP No. 338488109 13G Page 12 of 15 Pages
ISIN No. FR0004018711
ITEM 4. OWNERSHIP.
A. Investment Manager
(a) Amount beneficially owned: 3,200,000
(b) Percent of class: 13.21% The percentages used herein and in
the rest of Item 4 are calculated based upon the 24,225,350 shares of Common
Stock issued and outstanding as of September 30, 2009 as reported in the
Company's Form 6-K filed on January 15, 2010.
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,200,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,200,000
B. OSS I
(a) Amount beneficially owned: 209,827
(b) Percent of class: 0.87%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 209,827
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
209,827
C. OSS II
(a) Amount beneficially owned: 1,796,744
(b) Percent of class: 7.42%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,796,744
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,796,744
D. OSS Overseas Master
(a) Amount beneficially owned: 1,111,348
(b) Percent of class: 4.59%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,111,348
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,111,348
CUSIP No. 338488109 13G Page 13 of 15 Pages
ISIN No. FR0004018711
E. General Partner
(a) Amount beneficially owned: 2,006,571
(b) Percent of class: 8.28%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,006,571
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,006,571
F. SB LLC
(a) Amount beneficially owned: 3,200,000
(b) Percent of class: 13.21%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 3,200,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
3,200,000
G. Mr. Schafer
(a) Amount beneficially owned: 3,250,000
(b) Percent of class: 13.42%
(c)(i) Sole power to vote or direct the vote: 50,000
(ii) Shared power to vote or direct the vote: 3,200,000
(iii) Sole power to dispose or direct the disposition: 50,000
(iv) Shared power to dispose or direct the disposition:
3,200,000
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
The (i) limited partners and the general partner of the Partnerships and
(ii) the shareholders and advisor of OSS Overseas Master have the right to
participate in the receipt of dividends from, or proceeds from the sale of, the
securities held for the Partnerships and OSS Overseas Master, respectively.
Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
See Item 2.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not applicable.
CUSIP No. 338488109 13G Page 14 of 15 Pages
ISIN No. FR0004018711
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer
of the securities and were not acquired and are not held in
connection with or as a participant in any transaction
having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
March 31, 2010
------------------------------------
Date
/s/ Oscar S. Schafer
-------------------------------------
Signature
/s/ Oscar S. Schafer
-------------------------------------
Name/Title
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative other than an executive
officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties for whom copies are to be sent.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
CUSIP No. 338488109 13G Page 15 of 15 Pages
ISIN No. FR0004018711
EXHIBIT 1
JOINT ACQUISITION STATEMENT
PURSUANT TO RULE 13d-1(k)
The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G, is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G, shall be filed on
behalf of each of the undersigned without the necessity of filing additional
joint acquisition statements. The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness
and accuracy of the information concerning him or it contained therein, but
shall not be responsible for the completeness and accuracy of the information
concerning the others, except to the extent that he or it knows or has reason to
believe that such information is inaccurate.
DATED: March 31, 2010
/s/ Oscar S. Schafer
-------------------------------------
individually and as senior managing member
of (a) O.S.S. Advisors LLC, for itself and
as the general partner of
(i) Oscar S. Schafer & Partners I LP;
and
(ii)Oscar S. Schafer & Partners II
LP; and
(b) Schafer Brothers LLC, for itself
and as the general partner of
O.S.S. Capital Management LP, the
Investment Manager of O.S.S. Overseas
Master Fund Ltd.