Lagardere sells entire stake in EADS

AP News
Posted: Apr 09, 2013 4:18 AM

PARIS (AP) — French media company Lagardere says it has sold its entire 7.4 percent stake in European aerospace and defense giant EADS.

EADS, the parent to plane maker Airbus, said it bought some of the shares sold, adding 1.61 percent to its holdings of its own stock.

Lagardere had previously said that a "substantial portion" of the proceeds of the sale will be distributed to shareholders. On Tuesday, it said the shares sold for about 2.3 billion euros ($2.9 billion).

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The opportunity to sell the stake came last year when France and Germany agreed to shake up EADS' shareholding structure to reduce government influence.