LONDON May 12 Activist investor TCI on Friday
called on the board of French aerospace firm Safran to
cancel its planned takeover of Zodiac Aerospace
immediately and instead focus on fixing design problems with a
The move, in a letter to the Safran board dated May 12, is
the latest attempt by the British hedge fund to stop the deal
with Zodiac, which it considers over-valued.
In the letter, TCI founder Christopher Hohn said instead of
pursuing the deal, which would take up a lot of management time
and focus, it should instead look to fix a problem with its new
LEAP engine, after Boeing this week suspended some flights due
to a problem with its design.
A spokeswoman for Safran declined to comment when contacted
(Reporting by Simon Jessop and Cyril Altmeyer)