Italy Opposes Safran's Acquisition of Assets Related to Collins Aerospace Deal
By Giulia Petroni
The Italian government is opposing Safran's proposed acquisition of Italian assets associated with Collins Aerospace's actuation and flight-control business, the French aerospace-industry supplier said on Monday.
"Safran has been informed of the Italian government's decision to exercise its Golden Power, thus opposing the sale to Safran of Microtecnica, the company holding the concerned assets in Italy," Safran said. The golden power rule is aimed at protecting assets deemed strategic for Italy.
Safran in July announced the planned acquisition of the aforementioned business from RTX's Collins Aerospace unit in a cash offer valuing the target at $1.8 billion, including debt.
The company said it remains committed to the transaction and is working to determine the next steps. The acquisition also remains subject to other customary regulatory approvals and closing conditions.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
November 20, 2023 03:36 ET (08:36 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
Q2 In Review and Q3 2024 Market Outlook
-
5 Stocks to Buy for 3Q 2024
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities
-
Healthcare: Valuations Look Attractive In Most Industries
-
Financial Services: Amid Uncertainties, We See the Most Value In Banks and Credit Services
-
Consumer Cyclicals: Even With Anxiety Over Spending, We See Attractive Valuations