Commission approves rocket-propelled merger
The French aerospace company Safran's proposed buyout of the solid rocket propulsion division of state owned chemicals firm SNPE has been cleared by the European Commission. The combined businesses will be worth €296m.
In October Safran – which operates in the aerospace propulsion, aircraft equipment and defence and security sectors – said it would merge its rocket motor business with that of SNPE's subsidiary SNPE Matériaux Energétiques.
SME makes propellants for products ranging from nuclear missiles to car air bags. It in turn owns half of Roxel and 40 per cent of Regulus – a joint venture with the Italian company Avio which operates a solid propellant plant in French Guiana.
The commission said that the parties' activities were largely complementary and so did not raise competition concerns.