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France Sells Off 2.1 Percent EADS Stake to Investors

Apr. 26, 2013 - 08:03AM   |  
By AGENCE FRANCE-PRESSE   |   Comments
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PARIS — The French state raised another $921 million (€707 million) from the sale of a 2.1 percent stake in EADS to investors, the economy ministry said in a statement.

The sale of 17.6 million shares follows the sale by France earlier this month of about 13 million shares back to EADS itself for €483 million as part of EADS’ share buyback program. EADS, which owns passenger aircraft maker Airbus, announced a share buyback program as part of a wider restructuring that will reduce state ownership and interference in the company.

Germany and Spain also own stakes in the company.

The two operations, which brought the French state nearly €1.2 billion, should help preserve “the strategic interests of the state and free up capital resources for new economic growth sectors,” said the ministry.

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 percent stake and raise €448.5 million.

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