Safran shareholders approve Zodiac deal
Shareholders in Safran on Thursday backed resolutions that will free the French aero engine maker to pursue an agreed takeover of parts maker Zodiac.
The planned merger would create the world’s third-largest aerospace supplier after U.S companies United Technologies and General Electric.
Thursday’s Safran shareholder vote was a key demand of UK hedge fund TCI, which had waged an intense campaign to block the deal, or at least reshape it.
In May, Zodiac accepted a 15 per cent cut in Safran’s $9 billion offer after Zodiac profit warnings.
Safran’s original $9 billion offer was weakened by conflicting movements in share prices and a deteriorating industrial performance at Zodiac, though on Wednesday Zodiac eased concerns by reiterating financial targets.