Daimler Selling Rest Of EADS Stake
FRANKFURT, Germany (AP) -- Automaker Daimler AG says it is selling its remaining 7.5 percent stake in EADS, the parent company of aircraft manufacturer Airbus.
Daimler helped found EADS but now is cashing out to focus on its core business of making cars. It sold a 7.5 percent stake last year.
The Daimler stake of 61.1 million shares would be worth about 2.3 billion euros at Tuesday's price of 37.20 euros a share.
The company said Tuesday that EADS itself has asked to buy 600 million euros of the offering, which is to be priced on Wednesday. The shares will be offered to institutional investors.
Daimler CFO Bodo Uebber said the company would "invest the proceeds of the sale in the global growth of our divisions and the extension of our technological leadership."