The French Government has completed the planned sale of its 2.1% stake in the European Aeronautic Defence & Space (EADS), the parent company of Airbus, for €707m ($921m).
It marks one of the final steps in the simplification of the ownership of EADS.
The selling price of 17.6 million shares, which is equivalent to 2.1%, was at around €40.10 per share.
Last week, the French Government sold roughly 13 million shares, representing 1.56% of its stake to EADS for €482.7m, which takes the total proceeds from the sale to €1.19bn.
The sale of the shares is part of an agreement signed in December to bring the French and German governments’ stakes to 12% each in EADS.
Earlier this month, the European aero-defence group’s private-sector shareholders concluded their efforts to exit the company.
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By GlobalDataOn 9 April, French publisher Lagardère sold its 7.4% stake, while German car manufacturer Daimler sold its 7.5% stake in a private placement on 17 April.
Diamler exited the aerospace company more than a decade after it helped found the France-based EADS, in line with its plan to focus on its vehicle business.
EADS then purchased 1.95% stake in itself out of the shares sold by the German car manufacturer for €600m, as part of the share-buyback programme worth up to €3.75bn.
Earlier this month, the European aero-defence group announced a share buyback programme as part of a wider restructuring that will reduce state ownership and interference in the company.
In 2000, EADS was established from the merger of several aerospace firms in Europe.
Image: The sale of the shares is part of an agreement signed in December to bring the French and German governments’ stakes to 12% each in EADS. Photo: file image.
