FRANKFURT Dec 6 German premium carmaker Daimler reaped proceeds of 1.66 billion euros ($2.17 billion) from the sale of its 7.5 percent stake in European aerospace group EADS, which it will put back into its business.
"We will invest the proceeds of the sale into the global growth of our divisions, our products and the extension of our technological leadership," Daimler finance chief Bodo Uebber said in a statement on Thursday, confirming the company would not return the cash to shareholders.
The company sold 61.1 million EADS shares to investors at a price of 27.23 euros each. The placement was oversubscribed, according to Daimler.
Daimler had previously said it aims to reduce its remaining stake of 7.5 percent in EADS, but would not sell any more shares for a period of six months.
($1 = 0.7652 euros) (Reporting By Christiaan Hetzner)