French aerospace firm Safran said its shareholders have approved resolutions to advance the acquisition of seating and cabin interior manufacturer Zodiac Aerospace.

During Safran’s AGM June 15, more than 90.5% of shareholders voted in favor of the agreement. According to a Safran statement, shareholders approved the amendment of the bylaws to create preference shares. The meeting’s results simultaneously authorized the board of directors to issue preference shares in the event of a public-exchange offer. Both resolutions were required to implement the Zodiac offer, Safran said.

At the end of May, Safran had reduced its offer to €25 ($28) per share, down from an earlier price of €29.47. The reduced bid followed a decline in Zodiac’s first-half results and a longer-than-expected recovery estimate.

The day before the meeting, Zodiac said it was on track to resolve its manufacturing problems. CEO Olivier Zarrouati said the group’s progress in on-time and on-quality deliveries is in line with the April 28 plan. He specifically referred to Airbus A350 lavatory deliveries, which are now being delivered at a rate of 10 per month, and to fixing issues in the seat factory in Wales. “We are ahead of the plan, profit-wise,” he said.

Linda Blachly