EADS closes €1.4b share buyback transactions

Source: Flightglobal.com
This story is sourced from Flightglobal.com

EADS has repurchased a 1.56% stake from the French government in a €482.7 million ($628 million) transaction along with a 1.95% stake from German car company Daimler for €600 million.

The transactions are part of its 18-month share repurchase programme approved by the board of directors in March.

Last week EADS entered discussions with the government and offered €37.3 a share, in line with French media firm Lagardère, which sold its entire 7.4% holding for €2.28 billion.

EADS acquired 16 million shares at €37 a share from Daimler as part of the 61.1 million shares offering by the German company. Daimler, one of the founding member of EADS, exited the company by selling its entire remaining equity interest, approximately 7.5%, in EADS to international investors. Goldman Sachs and Morgan Stanley acted as joint bookrunners.

The purchase was financed by cash available on the balance sheet, says EADS.