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Italy has rejected French group Safran’s $1.8 billion purchase of Collins Aerospace’s flight control systems business. The reason? An Italian government source explained to Reuters that there is concern about jobs and contracts for the Eurofighter programme, as Safran has not provided sufficient guarantees on maintaining the production lines in Italy. The no was communicated by Safran herself who made it known that Rome vetoed the acquisition of Microtecnica, the Italian branch of Collins Aerospace, exercising “golden power” over what it believes to be a strategic asset. The move by Giorgia Meloni’s government is a rare fact towards a European Union company. Safran’s largest shareholder is the French government, with a stake of 11.2%. «Safran remains committed to the operation and is working with all parties to decide what further steps to take. Further information will be provided where appropriate,” the company stressed.
According to the Italian provision, the Financial Times newspaper reports, a government investigation “does not allow us to definitively conclude” that Safran “would give the necessary priority to industrial production lines of interest for national defense”.
“They assume the worst of our intentions, that we will not equally support or prioritize the Eurofighter,” Safran director general Olivier Andries told the newspaper, saying he was surprised by the decision. “It’s a bit ironic since we are already suppliers of the Eurofighter and other Italian defense programs through various subsidiaries.” Microtecnica represents approximately 15% of the revenues of Collins’ flight control activities, with three factories in Italy.
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