Daimler has announced that it is to sell half of its 15% stake in European defence and aerospace consortium EADS this month.
The proceeds of the stake sale – estimated at around US$2bn – will be reinvested in Daimler’s core business. It will mean more funds for the company’s automotive division.
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“We will invest the proceeds of the sale into the global growth of our divisions, our products and the extension of our technological leadership,” Daimler finance chief Bodo Uebber said in a statement.
Daimler wants to offload more of its EADS stake, too.
“In principle, we intend to further reduce our equity interest in EADS. We will decide in due course on the exact date and procedure,” said Uebber.
The divestment has been a political issue for the company (EADS national ownership parity with French interests) and brought with it the need for lengthy negotiations with the German government and KfW, a German state-owned bank.
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