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Lagardere to sell off stake in EADS by July

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The Associated Press | April 5, 2013 04:31 AM EST | AP


PARIS — Lagardere has confirmed its intention to sell its stake in European aerospace and defense giant EADS by the end of July.

The French multinational company has made no secret of its wish to get rid of its 7.5 percent stake in EADS, the parent company of plane maker Airbus and archrival of U.S.-based Boeing Co.

In a statement Friday, Lagardere says a "substantial portion" of the proceeds will be distributed to its shareholders. No further details were disclosed.

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