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TCI pushes Safran for independent committee to review Zodiac valuation
April 3, 2017 / 2:26 PM / 8 months ago

TCI pushes Safran for independent committee to review Zodiac valuation

LONDON (Reuters) - Activist hedge fund TCI Fund Management on Monday called on Safran (SAF.PA) to set up an ad-hoc independent directors’ committee to review the company’s valuation of Zodiac Aerospace (ZODC.PA), according to a letter seen by Reuters.

The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen during the company's first half of the 2015/2016 fiscal year presentation in Paris, France, April 20, 2016. REUTERS/Benoit Tessier

London-based TCI said in its letter to the board of Safran, which is planning a $9 billion takeover of Zodiac, that such a committee was required by French law and under the recommendations of the local regulator.

The hedge fund firm said this committee should appoint a major international financial institution to perform an independent fairness opinion on Zodiac shares.

Reporting by Maiya Keidan; editing by Carolyn Cohn

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