Analysts are expressing perplexity at the surprise merger of propulsion group Snecma and electronics firm Sagem, raising doubts in particular about alleged synergies the move would generate. Nonetheless, they think it could bring substantial long-term benefits. The planned merger, revealed on Oct. 29, would see privately owned Sagem acquire 77% of Snecma shares through a 3-for-13 stock swap, and the remainder through a public share offering at 20 euros ($25) per share. The purchase would ...

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