Safran In Agreed Bid For Zodiac Aerospace

France's Safran said it has entered into exclusive negotiations to take over Zodiac Aerospace for EUR€8.55 billion (USD$9 billion).

Under the agreement aircraft engine maker Safran will offer €29.47 per share to buy cabin equipment and seat manufacturer Zodiac Aerospace, the companies said in a joint statement.

If the offer is accepted by more than 50 percent of Zodiac share capital, the two companies will merge to form the third biggest aerospace supplier.

Family shareholders and two institutional investors in Zodiac Aerospace have indicated they will remain long-term shareholders of the combined companies.

The merged group will have 92,000 employees and €21.2 billion in adjusted revenues.

The combined company will be based in Paris.