Safran abandons pursuit of Zodiac Aerospace

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Safran Group has abandoned its pursuit of Zodiac Aerospace, having opted against making a formal offer for the company.

It has tried to persuade Zodiac's senior management of the merits of a tie-up between the businesses but Zodiac has rebuffed Safran's approach.

While Safran says its analysis confirms the benefits, it states: "Following several contacts and under current circumstances, the conditions for a friendly combination are not met.

"In harmony with its corporate culture, Safran will not make an offer for Zodiac."