PARIS (Reuters) - French media group Lagardere (LAGA.PA) has begun selling its 7.4 percent stake in Airbus parent EADS EAD.PA, a key element of the group’s planned ownership restructuring.
The sale of the stake, worth 2.4 billion euros ($3.12 billion) at current prices, will be conducted via a private placement, Lagardere said in a statement on Monday. Merrill Lynch and Societe Generale are global coordinators and bookrunners.
EADS has committed to buying back 500 million euros’ ($650.85 million) worth of shares, Lagardere added.
Reporting by Lionel Laurent; Editing by Greg Mahlich