Zodiac said to reject Safran merger proposal

PARIS, July 11 (BestGrowthStock) – French aerospace group Zodiac
(ZODC.PA: ) said on Sunday it had rejected a proposal for a tie-up
from state-controlled Safran (SAF.PA: ), according to a PR firm.

The maker of aircraft systems and cabin interiors said its
board had considered a letter from the head of Safran proposing
an “industrial combination of the two groups,” according to a
Zodiac statement distributed by the Keima PR firm.

The statement said the July 6 letter had not made any
reference to a price or an exchange ratio for Zodiac’s shares.

“The (Zodiac) Supervisory Board … unanimously decided not
to pursue this project,” the statement said.

Neither Safran nor Zodiac, which has a market value of 2.2
billion euros ($2.79 billion), was immediately available to
comment.
(Reporting by Tim Hepher, Editing by Sophie Taylor; +331 4949
5452 [email protected]))
($1=.7885 Euro)

Zodiac said to reject Safran merger proposal