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Safran chairman should be removed if Zodiac deal not cancelled - TCI

Reuters - UK Focus

PARIS, March 15 (Reuters) - Hedge fund TCI called on Wednesday for the chairman of Safran (LSE: 0IU8.L - news) to be removed from his position unless he cancelled Safran's planned takeover of struggling peer Zodiac Aerospace (LSE: 0NR6.L - news) .

"If you do not cancel the deal it will be clear evidence that you are not competent to continue as chairman of Safran, so we will call on Safran shareholders to remove you from the board at the AGM in June," TCI wrote in a letter addressed to Safran (Milan: SAF.MI - news) chairman Ross McInnes.

Officials at Safran were not immediately available to comment on TCI's letter, which was released to the media.

Shares (Berlin: DI6.BE - news) in Zodiac were down 14.4 percent after Zodiac issued a new profit warning late on March 14.

However, Safran reaffirmed its interest in acquiring Zodiac, stating it was confident it could turn around the group's fortunes. (Reporting by Cyril Altmeyer and Sudip Kar-Gupta; Editing by Brian Love)