Exclusive: Safran, Zodiac deal expected to win unconditional EU approval - source
Reuters
Published Dec 15, 2017 12:58PM ET
Exclusive: Safran, Zodiac deal expected to win unconditional EU approval - source
By Foo Yun Chee
BRUSSELS (Reuters) - French aero engine maker Safran (PA:SAF) is set to secure an EU green light for its $7.7 billion bid for aircraft seat maker Zodiac Aerospace (PA:ZODC) to create the world's third-largest aerospace supplier, a person familiar with the matter said on Friday.
Safran has said the deal would boost its position in making smarter and more connected aircraft, targeting planemakers such as Airbus (PA:AIR) and Boeing (N:BA).
The merged entity would compete with U.S companies United Technologies (N:UTX) and General Electric (N:GE).
The European Commission, which is scheduled to rule on the deal by Dec. 21, declined to comment. Safran also declined to comment.
The proposed takeover is one of several deals in the aerospace industry which includes United Technologies Corp's $23 billion plan to buy avionics maker Rockwell Collins Inc (N:COL).
The Safran, Zodiac tie-up has already been given the regulatory go-ahead in Canada, Kenya, Mexico, Russia, South Africa, Turkey, the United States and pre-authorized in South Korea. Authorities in China and Brazil are also expected to clear the deal.
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Written By: Reuters
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