PARIS, July 28 (Reuters) - Dassault Aviation (AVMD.PA) head Charles Edelstenne said Safran (SAF.PA) was holding up talks to swap assets with Thales (TCFP.PA) in a government-backed deal to rationalise the two companies’ defence businesses.
“Every time Thales proposes a solution, Safran refuses everything,” Edelstenne told a news conference on Thursday. “Thales makes an effort and it’s always ‘no’.”
“The valuations are at a level that is a bit extraordinary,” he added.
Indsutry sources say that talks have hit an obstacle over a cash supplement which Safran wants Thales to pay for its optronics business as part of the deal.
Dassault Aviation is Thales’ largest private shareholder, with a 26 percent stake. (Reporting by Tim Hepher; Editing by James Regan)