Safran wins majority stake in Zodiac Aerospace
Safran has won a majority stake in Zodiac Aerospace after a friendly bid, the French financial markets regulator said on 5 February, 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, pitched at $36.69 each, by the 31 January deadline, the AMF regulator said.
Stock market operator Euronext is to report a final figure soon.
Safran makes aircraft engines and Zodiac is a supplier of aircraft seats. Both are based in France.
The offer values Zodiac at $10.5 billion excluding debt.
Launching the bid in December 2017, Safran said the merged group would benefit from ‘global leadership positions across the whole aircraft value chain’ with combined revenues of more than $24.9 billion.
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.