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.-
After Earnings, Is Coinbase Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
Is ServiceNow Stock a Buy After Earnings and Its Investor Day?
-
3 Stocks to Buy and 3 Stocks to Sell After Earnings
-
Markets Brief: Is It Really a Surprising Quarter for Earnings?
-
After Earnings, Is Berkshire Hathaway Stock a Buy, a Sell, or Fairly Valued?
-
For Bond Investors, Delayed Rate Cuts Demand a Different Playbook
-
What’s Happening In the Markets This Week
-
Today’s Market Volatility Could Provide Tomorrow’s Opportunities
-
40 of the Best Investment Picks
-
Tech Stock Dividends Are Changing the Face of Dividend Growth Investing
-
Roblox Earnings: Weakening Engagement Has Weighed On Growth
-
The Best Gaming Stocks to Buy
-
Energy Transfer Earnings: M&A Drives Guidance Increase In Solid Quarter
-
The Best Healthcare Stocks to Buy
-
Going Into Earnings, Is Home Depot Stock a Buy, a Sell, or Fairly Valued?