Safran in bid for Zodiac Aerospace

Paris: French aerospace giant Safran on Thursday launched a friendly takeover bid for Zodiac Aerospace in a merger which would create the world’s second largest supplier of aircraft equipment. The offer would see Safran, which makes aircraft engines, paying 29.47 euros per share for Zodiac, which is also based in France. The offer values Zodiac at 8.5 billion euros, excluding debt. The tie-up would create the second-largest global supplier of aircraft equipment which would benefit from “global leadership positions across the whole aircraft value chain” with revenues of € 21.2 bn it said. — AFP It would also establish the world’s third largest aerospace group, excluding aircraft manufacturers, with revenues coming from aerospace propulsion and aircraft equipment. “The acquisition of Zodiac Aerospace represents a unique opportunity at this point in Safran’s development, just a few months after initiating the refocus of the group on our core activities of aerospace and defence,” said Safran’s chief executive Philippe Petitcolin in the statement. AFP