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January 2017

Safran and Zodiac Aerospace, a new global leader in aerospace

 
Agreed Public Cash Offer by Safran of €29.47 per Zodiac Aerospace share and subsequent merger on the basis of 0.485 Safran share (ex-special dividend) for one Zodiac Aerospace share with pre closing €5.50 per share special dividend to Safran’s shareholders.
 
Unique combination to enjoy global leadership positions across the whole aircraft value chain with a comprehensive range of world-class products and services. Strong post-delivery and aftermarket revenue stream balancing exposure to OEM delivery cycle.
  • No. 3 player in aerospace1 with combined revenues of over €21bn2 balanced between propulsion and aircraft equipment
  • No. 2 player in aircraft equipment with combined revenues of c. €10bn3
 
Optimized capital structure of the combined group targeting an investment grade profile. Safran intends to maintain its dividend practice unchanged thanks to strong cash generation. Run-rate annual pre-tax cost synergies of €200m identified, to accelerate in the long term. Double-digit accretive effect on earnings per share4 as of the first full fiscal year of consolidation.
 
 

 

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