Dassault Aviation says Safran delays Thales deal

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Dassault Aviation head Charles Edelstenne said Safran was holding up talks to swap assets with Thales in a government-backed deal to rationalise the two companies’ defence businesses.

“Every time Thales proposes a solution, Safran refuses everything,” Edelstenne told a news conference on Thursday. “Thales makes an effort and it’s always ‘no’.”
“The valuations are at a level that is a bit extraordinary,” he added.

Indsutry sources say that talks have hit an obstacle over a cash supplement which Safran wants Thales to pay for its optronics business as part of the deal, Reuters reports.

Dassault Aviation is Thales’ largest private shareholder, with a 26 percent stake.