Daimler sells remaining stake in EADS aerospace group | Business| Economy and finance news from a German perspective | DW | 17.04.2013
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Business

Daimler sells remaining stake in EADS aerospace group

German car and truck maker Daimler has parted with its remaining stake in the European aerospace and defense group EADS. The sale is part of a complete shareholder overhaul to weaken government influence.

Daimler announced Wednesday it received 2.2 billion euros ($2.9 billion) from the sale of its remaining 7.5-percent stake in EADS, the parent company of European airplane maker Airbus.

"Following the offering, Daimler does not hold any residual shares in EADS," the aerospace group said in a statement.

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EADS streamlines ownership structure

"We have concluded a very successful transaction, enabling us to fully participate in the positive development of the EADS share price," Daimler's financial chief, Bodo Uebber, commented. "The proceeds are contributing positively to our free cash flow this year and to the earnings from our ongoing business," he added.

More independence gained

Daimler was one of the founding members of EADS, but decided to sell its complete original stake of 13 percent in line with a broader overhaul of the aerospace company's shareholder structure.

EADS had set out to weaken the influence of European governments and allow the firm to pursue its global ambitions unfettered. The company dissolved a pact that had given France, Germany and Spain veto rights on strategic decisions and powers to nominate board members.

For Wednesday's sale, Daimler had put up 61.1 million shares at 37 euros apiece. EADS itself bought 16 million of the shares worth 600 million euros.

hg/jr (dpa, AFP)

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