Zodiac rejects tie-up approach from Safran Group

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France's Zodiac Aerospace has rejected an approach from Safran Group regarding a potential combination of the two companies.

Safran Group says it sent a communication to the Zodiac supervisory board proposing that the two sides "examine the merits of bringing their activities together".

But Zodiac, which says there was no reference to a share price, states that its board, after consideration of the proposal, has "unanimously decided not to pursue this project".

Safran Group states that it acknowledges the rejection but says it remains convinced that there is an "obvious logic", strategically and industrially, for a tie-up given the "inevitable trend" of consolidation among first-tier aerospace companies,

Zodiac specialises in aircraft control and safety systems as well as cabin interiors and seats.