Julian Moxon/PARIS
The French Government has finally agreed with Dassault and Aerospatiale the terms under which Aerospatiale will take over the Government's 46% holding in the combat aircraft and business jet manufacturer.
The move, which comes as Aerospatiale is itself merging with privately owned Matra Hautes Technologies, is being touted as the final stage in the consolidation of the national aerospace and defence industry before joining a greater European entity.
The deal comes after months of difficult negotiations between the government and Serge Dassault, president of Dassault Aviation holding company Dassault Industries, over the fate of the government's double voting rights held on some of the shares. If exercised, these would have given the state a theoretical 55% majority holding in Dassault Aviation, complicating the handover process.
The government has now agreed to freeze the voting rights in return for acceptance that Dassault will share decision making with Aerospatiale, thereby unblocking the final problem obstructing the long awaited consolidation of the two manufacturers.
As part of the wider agreement, Dassault Industries will cede Dassault Aviation's 35% stake in the highly profitable Dassault Systèmes operation to a new holding company, Dassault Participations, 46.5% of which will now be held by the government and 49.5% by Dassault Industries, the remaining 4% being publicly quoted.
Finalisation of the deal awaits approval by Dassault's shareholders on 23 December, and will open the way for the long awaited government multi-year order for 48 Rafale fighters, which is now expected to be placed in January next year.
Source: Flight International
