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Daimler Sells 7.5 Pct Stake In EADS For $2.15B

 December 06, 2012 11:11 AM
 


(By Balachander) Germany car manufacturer Daimler AG announced its has sold 61.1 million shares in EADS - the parent of Airbus - at 27.23 euros each, raising roughly 1.66 billion euros ($2.15 billion).

With this transaction, Daimler AG has successfully placed 7.5 percent of shares of EADS, which had agreed to overhaul its ownership structure.

Under the agreement, Daimler AG and Lagardere SCA agreed to largely reduce their stakes in EADS, Germany and France intending to ultimately hold up to 12 percent each and Spain roughly 4 percent.

KfW - the investment arm of the German State - acquired roughly 2.76 percent of EADS shares. Private Dedalus Investors bought 1.9 percent of the EADS shares as part of the transaction.

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French conglomerate Lagardere, which owns 7.5 percent of EADS, intends to reduce its stake through a share buyout plan.

Daimler announced plans to reduce its shareholding in EADS by up to 7.44 percent before the end of 2012.

"We will invest the proceeds of the sale into the global growth of our divisions, our products and the extension of our technological leadership," said Bodo Uebber, Member of Daimler's Board of Management for Finance & Controlling and Financial Services.

Goldman Sachs (GS) and Morgan Stanley (MS) acted as Joint Bookrunners for the placement of EADS shares.

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