Safran (SAF.PA) reaffirmed its interest in taking over aircraft parts manufacturer Zodiac (ZODC.PA) on Tuesday but said it would incorporate “the consequences” of Zodiac’s new financial forecasts into the discussions.
Zodiac Aerospace earlier posted first-half revenues down 1.8 percent to 2.445 billion euros and reaffirmed revenue targets while slashing its forecast for full-year operating earnings, amid continued weakness in its seats business.
“This publication reflects new developments compared with the information available prior to the announcement on January 19, 2017, of the intended acquisition of Zodiac Aerospace,” Safran said in a statement.
“Safran confirms the strategic interest for the acquisition of Zodiac. Safran confirms its confidence in its own ability to restore the operating profitability of the businesses currently in difficulty,” it added.
“Safran and Zodiac Aerospace are continuing their exclusive negotiations and will take into account the consequences of these developments in their discussions.”
Source: Reuters.com