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TCI pushes Safran for independent committee to review Zodiac valuation

Reuters
The logo of French aircraft seats and equipment manufacturer Zodiac Aerospace is seen during the company's first half of the 2015/2016 fiscal year presentation in Paris, France, April 20, 2016. REUTERS/Benoit Tessier

LONDON (Reuters) - Activist hedge fund TCI Fund Management on Monday called on Safran (SAF.PA) to set up an ad-hoc independent directors' committee to review the company's valuation of Zodiac Aerospace (ZODC.PA), 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)