Report
Jehanne Leroy
EUR 500.00 For Business Accounts Only

Safran - 27 Novembre 2018

Lors de l'annonce de l'acquisition de Zodiac par Safran en janvier 2017, Proxinvest et de nombreux investisseurs font entendre leur voix pour contester le prix offert par Safran (29,47 €/action Zodiac, soit une prime de 36% sur le cours de Zodiac au 31 décembre 2016), trop élevé, particulièrement au regard des difficultés rencontrées par Zodiac. Le 24 mai 2017, grâce à cet activisme actionnarial, Safran revoit à la baisse son prix et propose alors 25 €/action Zodiac (prime de 14,6%) (soit une économie de plus 1,2 Mds€).

Lors de la présente assemblée, les actionnaires sont appelés à se prononcer sur la fusion de Safran et Zodiac. Le ratio d’échange proposé (0,2745 action Safran pour 1 action Zodiac) présente une prime de 16% sur la parité induite au regard des cours au 31/12/16, ce qui est en ligne avec la prime de 14,6% offerte lors de l’OPA. L’opération ici proposé semble donc équitable et acceptable et nous recommandons l’approbation.

Underlying
Safran S.A.

Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Jehanne Leroy

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