Safran: FFP becomes shareholder, tenders Zodiac shares
27 FEB 2018
FFP [FFP:PA] has tendered all its Zodiac Aerospace [ZC:PA] shares to the subsidiary public exchange offer initiated by Safran [SAF:PA] as announced on 7 December 2017. Since the maximum ceiling of the subsidiary offer has been reached, the number of Zodiac Aerospace shares tendered by FFP to the exchange offer has been reduced. FFP received 2,832,492 Safran shares, which are inalienable for a period of 3 years, and EUR 141m. 375,237 Safran ordinary shares have then been bought on the market for an amount of EUR 31m.
FFP intends to participate in Safran’s governance through a joint company whose purpose will be to represent FFP and the Fonds Stratégique de Participations (FSP), acting in concert vis-à-vis Safran, on the Board of Directors of the new group. The candidacy of that company, which is called F&P and will be represented by its Chairman Mr Robert Peugeot, will be submitted for the approval of the next Annual General Meeting of Safran shareholders on 25 May 2018.
Mr Peugeot said: “Having actively contributed to the merger between Zodiac Aerospace and Safran, we are delighted to become shareholders of one of the main French players in the global aviation industry, whose medium-term prospects are attractive. We look forward to making a contribution to the development of the new group on Safran’s Board of Directors.”
FFP is an investment company listed on Euronext, majority-owned by Etablissements Peugeot Frères and managed by Robert Peugeot. FFP is one of the leading shareholders of Peugeot SA and pursues a minority shareholdings and long-term investment policy. FFP holds participations in listed companies (SEB, ORPEA, LISI, DKSH or SPIE), non-listed companies (Tikehau Capital Advisors or Total-Eren), co-investments (IHS or JAB Holdings) and private equity funds.