DaimlerChrysler has said it will reduce its 30% stake in the European Aeronautic Defence and Space Company (EADS), by 7.5%.
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The stake is valued at around EUR2bn. The transaction will allow DaimlerChrysler to further focus on its core automotive business.
There will be no impact on net income in 2006. As the settlement of the transaction is intended to take place between January and April 2007, the impact of the transaction on net income in the magnitude of around €1 billion will occur in 2007.
DaimlerChrysler and international investment banks have entered into a forward sales agreement on EADS shares. The DaimlerChrysler Group will be lending the shares to the banks which then will place the shares in the market.
EADS is the world’s second largest aerospace group and makes Airbus planes.
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