Saffron Monday denied preparing a bid for the capital of the aerospace supplier Zodiac although it remains convinced of the value of a rapprochement.
The communication specialist aerospace engine manufacturer Snecma's parent, spoke in response to an article in financial daily La Tribune has reported in its Monday edition that a takeover bid was being prepared and should Saffron decide in "coming days" whether to launch its workforce.
Saffron wishes to recall the terms of its communication of 11 July and (…) is not in preparation for a bid on Zodiac.Safran said that in any event no new developments since its previous release, "the company said in a statement.
"The group remains confident in the industrial and strategic interest of reconciliation for all stakeholders," the statement added.
On July 11 Safran announced sending a letter to the CEO of Zodiac to study a proposed business combination. Zodiac had firmly rejected the proposal.
A spokesman declined to comment Zodiac Monday.
Around 16:45, the action still Zodiac gained 8.03% to 46.84 euros on the Paris Bourse after a high of 53.4 euros reached earlier in the day.The title Saffron retreated to its share of 2.46% to 18.86 euros.
According to La Tribune, Safran plans to offer a significant premium to shareholders of Zodiac, citing internal sources, even if no hostile bid is expected.
"Considering that we have more than one in two chance, we'll go, if it has less than one in two chance, we'll wait.This folder will always feel in six months a year, "he told the newspaper an internal source of saffron.
Saffron is able to offer a premium of 30-40% compared to the current course, says the Tribune, the equivalent of the highest historic title in 2007, to 58 euros.
Safran is ready to bring the family shareholders of Zodiac in its capital, the newspaper said, which would dilute the share of the state, now a shareholder group to 30%.
Citing "multiple sources," the newspaper wrote that the family Domange shareholder Zodiac up 9.28%, is not ready to sell, unlike the Peugeot family (5% of capital) who would be willing to cede Units.
Saffron should make a bid for that allowing shareholders to maintain the family tax benefit they have obtained by signing a pact Dutreil "six years ago and through which they receive a tax exemption on capital of 75%.
In prior postings to the families, Safran said his project is an acquisition of Zodiac, but that it could be achieved by exchange of securities and merger in order to preserve the fiscal pact, The Tribune wrote.