April 8, 2013 / 5:46 PM / 5 years ago

Lagardere begins sale of EADS stake

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.

    ($1=0.7682 euros)

    Reporting by Lionel Laurent; Editing by Greg Mahlich

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