Latest Aviation News Civil aerospace SAFRAN WINS CONTROL OF ZODIAC TO CREATE AIRCRAFT SUPPLY GIANT

Safran wins control of Zodiac to create aircraft supply giant

AFP
06/02/2018 | 183 words

French aerospace company Safran has won a majority stake in Zodiac Aerospace after a friendly bid, the French financial markets regulator said Monday, a key step towards the creation of a global aircraft equipment giant.

Zodiac shareholders owning a combined 79.74 percent of stock had delivered their shares, originally pitched by Safran at over 29 euros each but later reduced to 25 euros each, by the January 31 deadline, the AMF regulator said.

Stock market operator Euronext is to report a final figure soon.

Safran makes aircraft engines and Zodiac is a leading supplier of aircraft seats. Both are based in France.

Launching the bid in December, Safran said the merged group would benefit from "global leadership positions across the whole aircraft value chain" with combined revenues of more than 20 billion euros.

It would become one of the world's largest aerospace groups, competing with the likes of sector giant United Technologies.

The two companies employ a combined 92,000 people, 45,000 of whom work in France.

 
 
 
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