February 27, 2018 / 7:06 AM / 7 months ago

Peugeot shareholder FFP buys stake in Safran

PARIS (Reuters) - French investment company FFP, one of the leading shareholders in Peugeot, has acquired a stake in French aerospace and technology group Safran with a view to having a say on how Safran is governed and managed.

The logo of Safran Group is seen on the company's headquarters building in Toulouse, Southwestern France, April 18, 2017. REUTERS/Regis Duvignau

The FFP said in a statement on Tuesday that following Safran’s takeover of Zodiac Aerospace and after a further purchase of Safran shares on the market, it now held around 3.2 million Safran shares.

It added it aimed to take part in the governance of Safran via the creation of a new joint company, which would be called F&P and would be represented by Robert Peugeot. Safran shareholders would be able to vote to formally approve that company’s role at Safran’s annual shareholder meeting in May.

“Having actively contributed to the merger between Zodiac Aerospace and Safran, we are delighted to become shareholders of one of the main French players in the global aviation industry, whose medium-term prospects are attractive,” Robert Peugeot said in a statement.

“We look forward to making a contribution to the development of the new group on Safran’s board of directors,” he added.

Reporting by Sudip Kar-Gupta; Editing by Vyas Mohan

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