By Giulia Petroni

The Italian government is opposing Safran's proposed acquisition of Italian assets associated with Collins Aerospace's actuation and flight-control business, the French aerospace-industry supplier said on Monday.

"Safran has been informed of the Italian government's decision to exercise its Golden Power, thus opposing the sale to Safran of Microtecnica, the company holding the concerned assets in Italy," Safran said. The golden power rule is aimed at protecting assets deemed strategic for Italy.

Safran in July announced the planned acquisition of the aforementioned business from RTX's Collins Aerospace unit in a cash offer valuing the target at $1.8 billion, including debt.

The company said it remains committed to the transaction and is working to determine the next steps. The acquisition also remains subject to other customary regulatory approvals and closing conditions.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

November 20, 2023 03:36 ET (08:36 GMT)

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