Paris has commenced working with French industrial and financial players on a “national takeover solution” for night vision products manufacturer Photonics after blocking its sale to US strategic electronics major Teledyne.
Florence Parly, Minister of the Armed Forces, announced today that the move was necessary to preserve the sovereignty of Photonis, a company essential to French military operations.
The offer to takeover Photonis by Teledyne has been rejected under the regulations relating to foreign investments in France, a statement from the French MoD said today.
This decision is part of a desire to protect the strategic interests of France, of which Photonis is a part, while ensuring the sustainability of this company of excellence.
Photonis specializes in optronic technologies such as night vision binoculars for the French armed forces. It also has activities in the nuclear field. These world-class technologies guarantee the industrial excellence and operational capacity of France, the statement said.
The state's decision was motivated by the strong will of the French government to protect and guarantee French economic and industrial defense sovereignty. In this case, the conditions for taking over Photonis did not meet these requirements.
The French Ministry of the Armed Forces is now working on an alternative buyout solution with French industrial and financial players active in the optronics sector, the release said.