Italy approves French firm Safran's purchase of Microtecnica [Yahoo! Finance]
SAFRAN SA UNSPON/ ADR (SAFRY)
NASDAQ:AMEX Investor Relations:
safran-group.com/finance/investor-relations
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Source: Yahoo! Finance
The Italian government blocked the sale in November, with officials warning Safran's management could endanger vital work Microtecnica performs on the Eurofighter jet, which is built by Italy, Germany, Spain and the U.K. Explaining the Italian government's change of heart, Safran said it had made “a number of commitments, which are compatible with the targeted objectives of this acquisition, and which address the concerns expressed in the initial Italian decree of Nov. 16, 2023 and provide adequate safeguards of the Italian national interests.” In a statement on Thursday, the firm said it had been “informed by the Italian government of its decision ultimately to approve the sale to Safran of Microtecnica.” Owned by U.S. firm Collins Aerospace, which is in turn owned by the large American defense contractor RTX, Microtecnica was part of Collins' flight controls business, which Safran was to buy in a $1.8 billion deal announced in July. Italy blocked the deal by using its so-ca
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