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France to sell 1 percent of Airbus Group
January 15, 2014 / 6:45 PM / 4 years ago

France to sell 1 percent of Airbus Group

PARIS (Reuters) - France said on Wednesday it was launching the sale of around 1 percent of the capital of European aerospace company Airbus Group (AIR.PA), its latest divestment to raise cash for the strained state-coffers.

The sale of the 8 million Airbus Group shares via an accelerated placement with institutional investors would not change the French state’s position in the governance of the company, the Finance Ministry said in a statement.

The deal could raise around 456 million euros ($620 million) based on Airbus Group’s closing share price of 56.64 euros, according to a Reuters calculation.

The sale follows a Franco-German ownership shakeup last year at Airbus Group, formerly known as EADS, which calls for the German state and the French state to each hold 11 percent of Airbus Group’s voting rights.

Last year the French government also sold stakes in aerospace group Safran (SAF.PA) and airport operator Aeroport de Paris (ADP.PA).

($1 = 0.7356 euros)

Reporting by Dominique Vidalon; Editing by Leigh Thomas

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