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French jet engine maker Safran gets Italy's clearance to buy Microtecnica
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French jet engine maker Safran gets Italy's clearance to buy Microtecnica
Jun 6, 2024 1:11 AM

June 6 (Reuters) - French jet engine maker and defence

company Safran said on Thursday it had received

clearance from Italy to buy Microtecnica, the company which

holds Collins Aerospace's flight control assets in the country.

Italy had previously blocked the planned $1.8 billion

purchase, saying it could have threatened supplies to national

armed force while interrupting logistics chains.

"Safran made a number of commitments, which are compatible

with the targeted objectives of this acquisition, and which

address the concerns expressed in the initial Italian decree of

Nov. 16, 2023 and provide adequate safeguards of the Italian

national interests," the company said on Thursday.

Safran said it would still need to get some clearances, such

as merger control, to complete the deal.

"‍We see these hurdles as likely limited given that Safran

is not currently a significant player in flight controls &

actuators," Jefferies wrote in a note to clients.

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