Daimler Selling 75 Stake in EADS

Daimler Selling 7.5% Stake in EADS

Daimler had already sold a 7.5% holding in EADS in December to concentrate on cars and trucks.

BERLIN -- Daimler said Tuesday that it has put its strategic 7.5% stake in the European aerospace and defence group EADS (IW 1000/59) up for sale.

"Daimler announces the offer and sale of its 61.1 million shares in EADS through an accelerated book built offering, launched immediately. Through this placement, Daimler is selling its entire remaining equity interest, approximately 7.5%, in EADS," a statement said, adding that EADS intended to buy some of the shares for 600 million euros (US$788 million).

Daimler had already sold a 7.5% holding in EADS for 1.66 billion euros in December to concentrate on cars and trucks.

The carmaker's exit is part of a broader overhaul of EADS's shareholder structure.

The news comes after EADS said Monday it was in talks to buy 1.56% of its own shares from the French state for 478 million euros.

EADS said the French state had proposed a price of 37.35 euros per share, the price EADS paid last week to acquire a stake of 1.61% from French media company Lagardere.

EADS, which owns passenger aircraft maker Airbus, announced a share buyback program earlier this month as part of a wider restructuring aimed at reducing state ownership and interference in the company.

Germany and Spain also own stakes in the aerospace and defense giant.

France, which is struggling to meet its commitments to the EU to reduce its public deficit, last month took advantage of high prices for shares in the aircraft engine and equipment manufacturer Safran to sell a 3.12% stake and raise 448.5 million euros.

Copyright Agence France-Presse, 2013

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