UPDATE 1-Lagardere to pay special dividend after EADS stake sale
(Adds details, background)
PARIS, April 29 (Reuters) - French media group Lagardere will pay a special dividend of 9 euros ($11.79) per share linked to the sale of its stake in aerospace group European Aeronautic Defense and Space.
Lagardere raised 2.3 billion euros earlier this month from the stake sale, which kicked off a long-expected overhaul in the ownership of Airbus parent EADS.
The special dividend payout date will be May 31 and the ex-coupon date is May 28, Lagardere said in a statement on Monday. The dividend will be put to shareholder approval in 2014, it said.
Aside from returning cash to shareholders, Lagardere has also said it will use the sale proceeds to pay down debt.
Lagardere is also due to pay an ordinary dividend of 1.30 euros per share this year, unchanged from the previous year.
Shares of Lagardere are up almost 40 percent since November lows. The sale of its EADS stake, along with a planned exit of pay-TV unit Canal+ that is tangled up in a legal dispute with Vivendi, had been promised to investors for several years.
($1 = 0.7634 euros) (Reporting by Lionel Laurent; Editing by Christian Plumb)