PARIS – France's Safran is exploring contingency plans to lower its $9 billion bid for Zodiac Aerospace and possibly simplify its structure amid continued turmoil at the seats maker and pressure from its own shareholders, a financial source said.
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A new structure could involve a mixture of cash and shares in a more traditional offer for Zodiac, rather than the current complex two-tier structure designed to woo family shareholders.
But an increasingly wary Safran is unwilling to take any decisions on a range of options before Zodiac issues its newly delayed first-half results, the source said, asking not to be identified because of the sensitivity of the matter.
Safran, which makes aircraft engines and other aerospace equipment, declined to comment.
(Reporting by Tim Hepher; Editing by Bernard Orr)