Holding is a socit anonyme, with a registered office in France. It is the head of a group specialized in renewable energy. It employs the key managers of its group and renders management services to its subsidiaries. Several administrative contracts and intuitu personae contracts have been entered into for the operation of the construction of onshore wind fields business Questions raised by your client 1. As a first step, Holding SA wants to combine the energy storage businesses conducted by Wind SA and Geothermal SA and then sell them. What potential solution(s) could you recommend? 2. As a second step, how may the offshore fields construction business conducted by Wind SA be separated from its onshore fields construction business? 3. As a third step, how may the business of producing solar panels conducted by Solar SAS be transferred to Holding SA? Would the solution be different if Holding SA held 90% of Soalr SAS? 4. Some shareholders of Holding SA seem interested only in the windfield business while others only believe in the solar business. What type of solution(s) could be implemented to satisfy Holding SA shareholders (assuming the shareholders interested in the windfiled business do not have sufficient funds to purchase the shares of Wind SA)? 100% Wind SA Energy storage Construction (offshore fields) Construction (onshore fields) Shareholders Holding SA 100% Solar SAS Production (solar panels) Construction (solar steam generators) 50% 50% Geothermal 2 SA Services (windfields and solar) 100% Geothermal SA Energy storage