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Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Safran has finally announced its intention to merge with Zodiac Aerospace. A cash tender offer at &#8364;29.47 per Zodiac share represents a premium of 24.5% to Wednesday&#8217;s closing price. This is a deal that has been on the cards for most of this decade and will create the world&#8217;s third-largest aerospace supplier after UTC and GE. Safran announced last year that it wanted to focus on its core business of civil aerospace, and merging with Zodiac is consistent with that. However, there is a risk that integrating such a large acquisition will be a distraction for management from its focus on ramping up output of its existing business.</p>

Safran has finally announced its intention to merge with Zodiac Aerospace. A cash tender offer at &#8364;29.47 per Zodiac share represents a premium of 24.5% to Wednesday&#8217;s closing price. This is a deal that has been on the cards for most of this decade and will create the world&#8217;s third-largest aerospace supplier after UTC and GE. Safran announced last year that it wanted to focus on its core business of civil aerospace, and merging with Zodiac is consistent with that. However, there is a risk that integrating such a large acquisition will be a distraction for management from its focus on ramping up output of its existing business.

France

Safran SA is a international tier-1 supplier of systems and equipment in aerospace, defense, and security. The Company sells engines for airplanes, helicopters, launch vehicles and missiles, landing and braking systems, nacelles, onboard electrical systems, optronics, avionics, identity documents, biometric equipment, smartcards, explosives detection, & trace analysis systems.

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Safran SA (SAF FP)

A merger written in the stars

Safran has finally announced its intention to merge with Zodiac Aerospace. A cash tender offer at €29.47 per Zodiac share represents a premium of...

Edison Investment Research

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