PARIS (dpa-AFX) - Safran (SAF.PA, 0IU8.L, SAFRF.PK), a French high-technology company, announced that its shareholders at a meeting approved the merger of Zodiac Aerospace with 99.88% voting in favor.
With the approval at meetings respectively of Zodiac Aerospace and Safran shareholders, all the conditions precedent have been satisfied. Therefore, the merger will complete on December 1, 2018.
Philippe Petitcolin, Safran's CEO, said, 'This merger, which follows our acquiring control of Zodiac Aerospace in the first quarter of 2018, will ensure a simplified and streamlined structure for the group, cost savings and better efficiency, notably to meet the expectations of our customers.'
All the resolutions submitted to the shareholders' vote were approved at the November 27th meeting.
Shareholders also approved a new authorization allowing Safran to repurchase its own shares with a price not to exceed 140 euros per share.
Further, the Board of Directors of Safran acknowledged the resignation of the Director representing the French State, Lucie Muniesa, who has been called to other responsibilities.
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© 2018 AFX News
