Exail Technologies confirms takeover talks with Safran, shares surge

(Sharecast News) - Exail Technologies surged on Friday as it confirmed it has entered into negotiations with French aircraft equipment manufacturer Safran about a possible takeover at €128.5 per share. Responding to press speculation, Exail said this would take the form of a purchase of the controlling block of the Gorgé family, followed by a mandatory public offer.

"There can be no certainty that these discussions will lead to an agreement or the completion of the proposed transaction," it added.

The brief statement came after Bloomberg reported that Safran was in talks to buy Exail for around €2.5bn.

Based in La Garde, France, Exail describes itself a high-tech defence company specialising in the fields of autonomous robotics and navigation systems, with a strong vertical integration of the businesses. It offers maritime drone systems, particularly for countering underwater mines, and inertial navigation units.

At 1412 BST, Exail shares were up 19.8% at €111.60.