Tags: Lagardere | EADS | sale | stake

Lagardere Sells EADS Stake for $3 Billion

Monday, 08 Apr 2013 02:44 PM

 

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Lagardere SCA said it is exiting European Aeronautic, Defence & Space Co. through a stake sale valued at about 2.3 billion euros ($2.9 billion).

Societe Generale SA, Credit Agricole SA and Bank of America Corp.’s Merrill Lynch unit are offering 61.1 million EADS shares for Lagardere’s holding unit Sogeade in a price range between 37.35 euros and 37.95 euros apiece, according to a term sheet obtained by Bloomberg News. The stake is valued at 2.3 billion euros at the high end of the range.

EADS, Europe’s largest aerospace company, will take part by placing an order of 500 million euros, Lagardere said in the statement. Lagardere is selling its entire 7.35 percent stake in EADS.

Lagardere, a Paris-based media company, said on April 5 that it would dispose of its stake in EADS by July 31. The EADS board appointed Denis Ranque as chairman and supported a 3.75 billion-euro stock buyback on April 2.

Additional share sales, including accelerated transactions, have raised $24.8 billion in Europe, the Middle East and Africa this year, compared with $17.5 billion sold in the same period in 2012, according to data compiled by Bloomberg.

The stake is valued at about 2.4 billion euros based on Monday’s closing price of 38.71 euro per share.

© Copyright 2014 Bloomberg News. All rights reserved.

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