Italy Opposes Safran's Acquisition of Assets Related to Collins Aerospace Deal
20 Novembre 2023 - 9:51AM
Dow Jones News
By Giulia Petroni
The Italian government is opposing Safran's proposed acquisition
of Italian assets associated with Collins Aerospace's actuation and
flight-control business, the French aerospace-industry supplier
said on Monday.
"Safran has been informed of the Italian government's decision
to exercise its Golden Power, thus opposing the sale to Safran of
Microtecnica, the company holding the concerned assets in Italy,"
Safran said. The golden power rule is aimed at protecting assets
deemed strategic for Italy.
Safran in July announced the planned acquisition of the
aforementioned business from RTX's Collins Aerospace unit in a cash
offer valuing the target at $1.8 billion, including debt.
The company said it remains committed to the transaction and is
working to determine the next steps. The acquisition also remains
subject to other customary regulatory approvals and closing
conditions.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 20, 2023 03:36 ET (08:36 GMT)
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