Thales and Safran to reorganise assets: newspaper


French defence groups Thales and Safran are about to engage in a reorganisation and asset swap to end their competition.

Safran would transfer to Thales most defence activities excluding flight control systems, the La Tribune newspaper said today.

It added presidential advisor Claude Geant backed the deal and said the board of Thales would meet on Dec. 10 to discuss the move.

The state has 26.5% in Thales and 30% in Safran. Marcel Dassault SA has a 25.9% stake in Thales.