Anne-Sophie Coustel’s practice focuses on French and international tax law as well as complex reorganizations and M&A transactions.

She also has extensive experience with employee stock offerings, employee benefit plans and management incentive packages.

Anne-Sophie joined the firm in 2001 and became a partner in 2007.

Notable Experiences


  • Crédit Agricole in a major project aimed at simplifying Crédit Agricole S.A.’s structure and improving transparency and capital quality.

  • Lavazza in its acquisition of French coffee brand Carte Noire and related assets from Koninklijke Douwe Egberts.

  • De Agostini in relation to the merger between Zodiak and Banijay.

  • Loxam in its acquisition of the France and Spain businesses of Hertz Equipment Rental Corporation (HERC) from an affiliate of Hertz Global Holdings.

  • Lafarge in its $40 billion merger with Holcim and in the €6.5 billion sale, together with Holcim, of certain assets to CRH.

  • Amundi, Europcar, Showroomprivé, Worldline, Tarkett, Numericable Group in their IPOs.

  • Paris Orléans (now Rothschild & Co), the holding company of the Rothschild Group, in its 2012 reorganization to streamline its organization, optimize its regulatory capital and ensure its family control.

  • Representation of several clients in various tax audits and litigation cases.

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  • Artémis in its acquisition of a majority stake in CAA from TPG.

  • Veolia Environnement in its agreement with EDF concerning Dalkia.

  • Kering and Groupe Fnac in the spin-off  and IPO of Groupe Fnac.

  • Accor and Edenred in the spin-off and IPO of Edenred.

  • ArcelorMittal in the two-step crossborder merger of Netherlands-based Mittal Steel Company NV and Luxembourg-based Arcelor, following the successful tender offer of Mittal Steel for Arcelor, in which Cleary advised Mittal Steel.

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Private Equity

  • Bridgepoint and Eurazeo in their acquisition of Foncia Groupe, as well as in the subsequent acquisition of a minority interest from BPCE.

  • A consortium led by TPG Capital in the acquisition and subsequent disposal of TDF.

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Selected Activities

  • Lecturer, HEC Paris (mergers/reorganizations and LBOs)


2024: “Hot Tax Topics for Multinational Groups, in the US, the EU and Beyond,” Cleary Gottlieb Seleted Issues for Boards of Directors in 2024

2023: “Les sociétés de personnes et les partnerships dans la convention franco-américaine,” Fiscalité Internationale 

2023: “The United Arab Emirates Taxation of Corporations and Businesses,” Cleary Gottlieb Alert Memo

2021: “Taxes: The Rules Continue to Change and Tax Authorities Focus on Enforcement,” Selected Issues for Boards of Directors in 2021

2020: “COVID-19: Moratorium to Suspend Certain Tax Deadlines Relating to Statutes of Limitation, Tax Audits, and Recovery of Tax Receivables,” Cleary Gottlieb Alert Memo

2018: “Equity Financing: Contributions at Reduced Prices,” Revue de Droit Fiscal

2014: “Qualification of Taxable Entities and Treaty Protection,” the IFA Annual Conference, Mumbai