Safran Says they "Exercised their Golden Power" with Veto but Will Continue Pursuit
Italian officials refused a proposed Safran acquisition of a section of Collins Aerospace, with back channels citing concerns of contracts for domestic European military programs. Safran announced the government veto on November 20th, putting off the acquisition of Microtecnica, the Italian subsidiary of Collins Aerospace (itself a Raytheon business). Italy, so goes the rumor, was not too keen on allowing Microtecnica to end up in French hands. Safran's statement referred to the move as Rome's "decision to exercise its Golden Power" in opposing the sale, a somewhat melodramatic but not wholly inaccurate characterization of the veto. Safran will continue