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Activist hedge fund TCI says Zodiac shares now worth even less

Reuters - UK Focus

LONDON, May 3 (Reuters) - Activist hedge fund TCI Fund Management on Wednesday said Zodiac Aerospace (LSE: 0NR6.L - news) shares were now worth 7-10 euros each ($10.92), after the French firm last Friday posted a first-half loss.

TCI is campaigning to pressure Zodiac suitor Safran (Milan: SAF.MI - news) to drop its bid to buy the firm and had previously valued it at 10 euros a share in a presentation on March 24.

The hedge fund manager said in a presentation shared with Reuters on Wednesday that an offer above 10 euros "results in value destruction".

TCI credited their revised valuation in part to a reported loss in the first half of 2017 and 'unrealistic' forecasts of a return to mid-teen margins. ($1 = 0.9161 euros) (Reporting by Maiya Keidan, editing by Simon Jessop)