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Daily Digit: Daimler's €2.2 bln exit from EADS

Wednesday, April 17, 2013 - 00:59

Apr.17 - Germany's Daimler has sells its remaining stake in EADS for about 2.2 billion euros, exiting its aerospace activities completely nearly 13 years after it helped to found the Airbus parent company. Ciara Sutton reports.

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2.2 billion euros is today's daily digit in Europe - the amount Daimler has got for its remaining stake in EADS. The German automaker has made an exit from aerospace activities nearly 13 years after it helped launch Airbus's parent company. Demand for the 60 million shares was strong and the sale will help Daimler fund a shareholder payout this year. Fellow founding shareholder Lagardere took similar action last week, paving the way for EADS to have a larger free-market float. The aerospace group bought around 600 million euros of the shares pushing the company's share price up more than 4 percent. The company was formed in 2000 from the merger of several European companies. Daimler received a 30 percent stake after EADS' creation. But it wants to focus on car making after poor sales in Europe. It says it might have to cut its 2013 profit expectations.

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Daily Digit: Daimler's €2.2 bln exit from EADS

Wednesday, April 17, 2013 - 00:59