Zodiac chief offers to walk as Safran talks continue
May 02, 2017
Aerospace and Defence | Plaisir, France | Corporate Acquisition
Zodiac Aerospace (EPA: ZC) CEO Olivier Zarrouati has offered to step down as Zodiac continues discussions about being acquired by Safran (EPA: SAF). Zodiac's board has said that Zarrouati would retain his position "for a while" to focus on completing the deal; the board also disclosed a €12 million operating loss for 1H 2016-17. The companies announced the deal, initially valued at roughly €8 billion, in January; it would create a combined aerospace supplier with revenues above €21 billion.