France's Lagarde says jobs must take priority in Safran's Sagem developments |
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Published
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Wed, 31 Oct 2007 17:58
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PARIS (Thomson Financial) - France's finance minister Christine Lagarde said any development concerning Safran's Sagem communications activities must make safeguarding jobs its priority.Safran has agreed to sell its Sagem Communications broadband unit to US-based private equity company the Gores Group. The move has re-ignited speculation over the future of its struggling Sagem Mobiles business unit.'We will continue to pay very close attention to all the solutions the group proposes, as of course any solution will have to prioritise the continuation of activities on site and the maintaining of jobs,' Lagarde told the national assembly.Safran was formed in 2005 through the controversial merger of engine manufacturer Snecma and mobile phone specialist Sagem.The group is examining all possible solutions 'with the support of its supervisory board and the close attention of the state, which is a shareholder,' Lagarde said.The French state owns 30.42 pct of Safran.helen.beresford@thomson.comafp/hem/ejpCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Safran to announce buyer for Sagem Communications ops very soon - source 