PARIS, April 28 UK hedge fund TCI Fund
Management renewed pressure on France's Safran to drop
plans to buy Zodiac Aerospace after the aircraft seats maker
issued the second profit warning in as many months and posted a
first-half operating loss.
"These are disastrous results from Zodiac yet again...
Zodiac’s business continues to implode with no sign of
recovery," TCI founder Christopher Hohn said.
"Zodiac is in serious financial difficulty and we think it
needs an emergency rights issue, which would cause the Zodiac
share price to fall substantially," he said in an emailed
statement, adding that the appointment of a new special board
adviser was a distraction from the company's problems.
TCI has waged a public campaign to persuade Safran to cancel
its proposed $9 billion offer for Zodiac, which it says would
significantly overpay for the company.
(Reporting by Tim Hepher; Editing by Andrew Callus)