This paper examines open market stock repurchases in France. We find an average positive market reaction on the announcement. However, the magnitude of price reaction is found to be dependent on a number of measures of corporate governance structure. The positive aspects of the announcement surface only for a company with a low likelihood of takeover and a low risk of minority shareholder expropriation. Specifically, stock repurchase programs are good news when the firm is supported by foreign institutional investors, and in the case of controlled firms, when the firm has a second major shareholder, which guarantees an effective balance of power to the controlling shareholders.