France’s Safran says Italy opposed to proposed Microtecnica acquisition

France’s Safran says Italy opposed to proposed Microtecnica acquisition

The logo of Safran is seen outside the company’s headquarters in Issy-les-Moulineaux near Paris, France, January 2, 2019. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing Rights

PARIS, Nov 20 (Reuters) – French aerospace group Safran (SAF.PA) on Monday said the Italian government was opposed to its proposed acquisition of aircraft components business Microtecnica, part of Safran’s planned purchase of certain Collins Aerospace assets.

“Following this decision, Safran remains committed to the transaction and is working with all parties to determine the appropriate next steps. Further information will be provided as appropriate,” Safran said in a statement.

“The completion of this acquisition also remains subject to notably obtaining other customary regulatory approvals and closing conditions,” it added.

Safran said in July that it had agreed to buy the flights controls business of Collins Aerospace, which is owned by Raytheon (RTX.N), in a cash deal valuing the business being acquired at an enterprise value of $1.8 billion.

Reporting by Sudip Kar-Gupta
Editing by David Goodman, Kirsten Donovan

Our Standards: The Thomson Reuters Trust Principles.

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