(Exane) - ZODIAC: Tax pact extended. We are talking here about a 2-year tax pact that is possible only for groups of shareholders holding more than 20% of share capital. They allow shareholders signing the agreement to deduct 75% of their share in the co from the French wealth tax calculation. Such pacts have been in place for many years at Zodiac and previous one matured over the week-end. It is therefore totally normal to see a new pact being signed this week, and no readx is possible as to the possibility of a takeover by Safran. It is a tax-saving scheme, and cannot be seen as a defensive move against any M&A.