The French government has red-flagged a potential $550 million sale of France-based Photonis to American firm Teledyne that was in the final regulatory approval stage.
"Ministries of finance and defense consider Photonis too sovereign to be sold to an American firm. Florence Parly, the French Minister of the Armed Forces, pushed a lot to put a stop to foreign investment by Teledyne," sources were quoted as saying by La Tribune.
On March 31, Bruno Le Maire, the French Minister of the Economy and Finance reportedly informed Teledyne of France's decision to veto the deal.
Located in Mérignac, Photonis is one of the world leaders in the design and manufacture of light intensifier tubes (night vision) in the aeronautics and defense sectors and holds several patents in the field.
The company has developed new digital technology that will all ow communication through light, and not copper. Photonis has also supplied equipment for France's Laser Megajoule (large laser-based inertial confinement fusion research device) and Continuity of Education Allowance (CEA).
"It is easy to understand why it (Photonis) is an important player," a source from the Ministry of the Armed Forces noted.