TCI pushes Safran for independent committee to review Zodiac valuation

LONDON (Reuters) - Activist hedge fund TCI Fund Management on Monday called on Safran (NYSE: SAF) to set up an ad-hoc independent directors' committee to review the company's valuation of Zodiac Aerospace , according to a letter seen by Reuters.

London-based TCI said in its letter to the board of Safran, which is planning a $9 billion takeover of Zodiac, that such a committee was required by French law and under the recommendations of the local regulator.

The hedge fund firm said this committee should appoint a major international financial institution to perform an independent fairness opinion on Zodiac shares.

(Reporting by Maiya Keidan; editing by Carolyn Cohn)

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