TCI pushes Safran for independent committee to review Zodiac valuation

LONDON, April 3 (Reuters) - Activist hedge fund TCI Fund Management on Monday called on Safran (LSE: 0IU8.L - news) to set up an ad-hoc independent directors' committee to review the company's valuation of Zodiac Aerospace (LSE: 0NR6.L - news) , according to a letter seen by Reuters.

London-based TCI said in its letter to the board of Safran, which is planning a $9 billion takeover of Zodiac, that such a committee was required by French law and under the recommendations of the local regulator.

The hedge fund firm said this committee should appoint a major international financial institution to perform an independent fairness opinion on Zodiac shares. (Reporting by Maiya Keidan; editing by Carolyn Cohn)