Italy Opposes Safran's Acquisition of Assets Related to Collins Aerospace Deal
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)
Copyright (c) 2023 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now