LONDON – The German carmaker Daimler sold half of its stake in the aerospace giant European Aeronautic Defense and Space on Thursday in deal worth 1.7 billion euros ($2.2 billion).
The move is part of an overhaul of the ownership structure of EADS, the parent company of Airbus, which failed to complete a multibillion-dollar merger with the British aerospace company BAE Systems in October. The deal was aborted because of political divisions involving Britain, France and Germany.
Daimler said on Thursday that it had sold half of its 15 percent holding in EADS to a number of investors, including the German state-owned bank KfW. The automaker added that it had sold the stake at 27.23 euros a share, the closing price of EADS on Wednesday.
Shares in EADS rose 7.6 percent, to 29.25 euros, in morning trading in Paris on Thursday.
The share sale is an effort by the French and German governments to realign their stakes in the company, dissolving a decade-old arrangement that gave Paris and Berlin an effective veto over strategic management decisions at EADS.
Lagardère, a French conglomerate that currently owns a 7.5 percent stake in EADS, also plans to reduce its holding in the company through a share buyout program.
The ownership structure will eventually result in KfW acquiring a combined 12 percent stake in EADS, while France is expected to reduce its voting rights to 12 percent from 15 percent. A Spanish government holding company will also reduce its holding to 4 percent from about 5.5 percent.
DealBook: Daimler Sells Half Its Stake in EADS for $2.2 Billion
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DealBook: Daimler Sells Half Its Stake in EADS for $2.2 Billion
