Proceeds of the sale will be distributed to shareholders.
April 9, 2013
by The Canadian Press
PARIS – French media company Lagardere says it has sold its entire 7.4% stake in European aerospace and defence giant EADS.
EADS, the parent to plane maker Airbus, said it bought some of the shares sold, adding 1.61% to its holdings of its own stock.
Lagardere had previously said that a “substantial portion” of the proceeds of the sale will be distributed to shareholders.
The opportunity to sell the stake came last year when France and Germany agreed to shake up EADS’ shareholding structure to reduce government influence.
©The Canadian Press