Daimler AG today sold half of its founding ownership stake in EADS as part of a wider financial restructuring of the European aerospace conglomerate.
Daimler sold 61.1 million shares worth €1.66 billion ($2.17 billion), but retains a 7.5% ownership stake in EADS.
The deal is among the mechanisms of the financial restructuring of the EADS ownership set in motion after the collapse of the proposed merger with BAE Systems
Germany and France have agree to surrender veto rights in EADS business decisions. Germany's ownership stake in EADS will increase to 12%, matching France's contribution.
Germany's Daimler helped create EADS 18 years ago by merging the DASA aerospace division with Spain's CASA and France's Aerospatiale-Matra, which includes 80% of the ownership of the Airbus consortium.