France: motorised and aeronautical equipment manufacturer SNECMA (annual turnover EUR 6.43 bn with workforce of 39,200) is currently 62% owned by the state and is going to merge with private electronics firm SAGEM (annual turnover EUR 3.18 bn with workforce of 14,000) in a deal involving an exchange of shares and cash compensation. When the transaction is finalised, the state will own more than a third of the new group and will have an annual turnover of EUR 10 bn.