Aircraft

Shareholder concerns over the funding of the Airbus A350XWB programme has meant Airbus parent EADS has reportedly cancelled a board meeting scheduled for today.

The meeting, which was scheduled to take place in Toulouse to decide on the industrial launch of the A350XWB, was cancelled at the last minute yesterday evening, reports French business daily Les Echos.

An employee of EADS shareholder Lagardere confirms the meeting has been cancelled, but was unable to immediately give further details. DaimlerChrysler declined to comment, while EADS could not immediately be reached.

Citing industry sources, the report claims the reason for the cancellation is a lack of agreement on the €9-10 billion ($12-13 billion) needed to fund the project among EADS shareholders DaimlerChrysler, Lagardere and the French State.

This is in part due to France’s reluctance to provide the project with repayable finance, which could further aggravate the ongoing US dispute over launch aid. France and Germany are also awaiting guarantees on Airbus’ turnaround plan, says the report.

Possible solutions include the introduction of new Airbus shareholders, joint ventures with industry partners, turning to the financial markets or a combination of these measures, adds Les Echos.