Last week, The Children’s Investment Fund (TCI), which owns 4.1% of Safran, moved to block Safran’s €8.5bn takeover of rival Zodiac, by requesting French market regulator, AMF, demand Safran investors can vote on the takeover. TCI does not consider the merger to have any “strategic rationale” and is overpriced considering the recent profit warning issued by Zodiac. Sir Chris Hohn, who runs TCI, criticised Safran’s merger history, saying the company had a “a terrible history” of executing and integrating takeovers.

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