Safran Holders Should Push Co for Vote on Zodiac, TCI Says
Vote should come before the takeover occurs, U.K. fund manager says in letter dated Feb. 27 posted on website.
- Transaction’s sequence can only be changed by shareholder pressure and intervention by market regulator AMF, TCI says
- Shareholders should vote against the merger “for the sake of good governance,” TCI says
- Safran holders should register their shares for double voting rights to help improve Safran corporate governance: TCI
- Safran has poor governance and it will get worse after deal, because Zodiac founding families, French state, Peugeot family and FSP fund will sign a shareholder agreement giving them effective control of board, voting rights: TCI
- In separate letter to AMF, TCI asks regulator to declare Zodiac families, state, others as “concert party” regarding Safran shares, with an obligation to launch a takeover offer for Safran because the group will control more than 30% of voting rights